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2016 (9) TMI 755 - AT - Income TaxAddition made on the basis of the statement of the assessee recorded during the course of survey u/s.133A. - Held that:- On appraisal of the finding of the CIT(A), it is quite clear that the assessee declared his approximate income for the A.Y.2007-08 to the tune of ₹ 50,00,000/-. The P & L Account of the assessee speaks about the profit to the tune of ₹ 54,83,851/- which is quite near to the assessment assessed by the assessee while making his statement. No discrepancies of any kind was found in the account maintained by the assessee either during the survey action u/s.133A of the Act and during the assessment proceedings. The submission made by the assessee vide his letter dated 15.01.2007 was found correct. The addition made by the Assessing Officer is based on surmises and conjectures and is not based upon any cogent and convincing evidence on record. No distinguishable facts of any kind have been placed on record before us. Therefore in view of the said circumstances we of the view that the CIT(A) has passed the order in question correctly and judiciously which does not require to be interfere with at this appellate stage. - Decided against revenue.
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