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2016 (10) TMI 410 - AT - Income TaxUndisclosed income - Held that:- The assessee has duly explained the said cash of ₹ 20 lakhs which was found in his possession while travelling from Delhi to Mumbai via Jet airways flight on 28-11-2006. The assessee has duly rebutted the presumption u/s 132(4A) of the Act . The assessee has duly brought on record the audited books of accounts of Le Shark Exports Private Limited and other cogent material to prove that infact cash belonged to Le Shark Exports Private Limited who also owned up the cash . The revenue has also framed assessment in respect of Le Shark Exports Pvt. Ltd. and passed an assessment orders u/s 143(3) of the Act dated 3rd September, 2009 for the assessment year 2007-08 and no addition of ₹ 20 lacs w.r.t. cash found and seized of ₹ 20 lacs from the possession of the assessee has been made in the hands of the Le Shark Exports Private Limited. The Revenue while framing assessment in the hands of the Le Shark Exports Pvt. Ltd. has mentioned in the assessment order u/s 143(3) of the Act dated 03-09-2009 that the cash seized has been taxed in the hands of Mr. Ajay B. Sabharwal whereby the contention of M/s Le Shark Exports Pvt. Ltd to adjust the said cash of ₹ 20 lacs against advance tax was rejected by the Revenue. In our opinion, addition is not sustainable in the hands of the assessee as the assessee has duly discharged his burden and has duly rebutted the presumption which arose u/s 132(4A) of the Act with cogent evidences brought on record as set out above that the cash of ₹ 20 lacs which the assessee was carrying while flying from Delhi to Mumbai on 28-11-2006 in-fact belonged to Le Shark Exports Pvt. Ltd who also owned up the said cash of ₹ 20 lacs for which cogent material is brought on record. Addition of ₹ 20 lacs made by the Revenue in the hands of the assessee as undisclosed income is therefore ordered to be deleted. We order accordingly.
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