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2016 (7) TMI 404 - HC - Income TaxAdditions u/s 68 - Bank credits - presumptions u/s 292C - Held that:- As relying on case of Commissioner of Income Tax Vs. Bhaichand H. Gandhi [1982 (2) TMI 28 - BOMBAY High Court] it is held that the entries in the Bank passbook cannot be considered as entries in the books of the assessee so as to invoke Section 68 of the Act. No substantial question of law arises. - Decided against revenue Addition on purchase of jewelry as relying on documents found during the course of search - law of presumption - ITAT deleted the addition - Held that:- Section 292C of the Act only raises a presumption that the contents of books of accounts and documents found during search would be presumed to be true. In the present fact, if the contents of documents have been found on facts by two authorities to reflect only an estimate for purchase of jewellery and not evidence of purchase of jewellery. Thus presumption would not enable the appellant revenue to convert the documents indicating estimate into the documents of purchase. The authorities have further recorded the fact that no corresponding asset was found during course of search or subsequent proceedings. - Decided against revenue
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