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2018 (2) TMI 1990 - AT - Income TaxAddition u/s 69C - Survey proceedings - expenditure which was found during the course of survey operation - assessee has filed revised return admitting additional income and the loss returned in the original return was reduced - as par AO admitted income was for the expenditure which was found during the course of survey operation and she made addition u/s 69C - CIT(Appeals) found that the additional income offered by the assessee was generated out of suppressed sales and found that the additional income cannot be set off against the business loss - HELD THAT:- The assessee claims that the expenditure incurred by him was recorded in the books of account. When the expenditure was recorded in the books of account, which was maintained in the course of regular business, it cannot be said that the assessee could not explain the source of income for meeting such expenditure. Moreover, admittedly the assessee has no other source of income other than business income. Therefore, the source for meeting the expenditure is the business. The assessee has offered additional income during the course of survey operation. Therefore, this Tribunal is of the considered opinion that the assessee had known source of income for meeting the expenditure. Hence, the addition made by the Assessing Officer cannot be sustained. - Decided in favour of assessee.
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