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2016 (7) TMI 1681 - HC - Income TaxUnaccounted income - unaccounted interest receipts - documentary evidence seized during the search and the statement of the other family members - whether ITAT right in law in deleting the addition made on the proportionate share of interest and treated by it as undisclosed income of the respondent for the block period? - HELD THAT:- Revenue would not be justified in resting its case on the loose paper and documents found from the residence of a third party even if such documents contain narrations of transactions with the assessee-Company. See Chuharmal v. CIT [1988 (5) TMI 1 - SUPREME COURT] Also in the absence of any opportunity having been given to the assessee to cross-examine the person from whose possession loose papers were recovered, the same could not be relied upon. See S.C. Sethi case [2006 (3) TMI 60 - HIGH COURT, RAJASTHAN] - Decided in favour of assessee.
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