Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (2) TMI 1190 - AT - Income TaxUn-recorded and un-reconciled traded transaction entered by the assessee as per certificate from BSE vis-à-vis books of accounts maintained by the assessee - addition made based upon AIR information - Held that:- We in principle agree with the reasoning given by the learned CIT(A) in his appellate order dated 26.12.2011 while sustaining the assessment order dated 15.12.2010 passed by the AO u/s 143(3) of the Act that AIR information cannot be simply brushed aside and onus is on the assessee to have reconciled the same instead of merely denying the same. It was incumbent on the assessee herself to have taken-up with BSE directly to clarify as to how un-recorded transaction of ₹ 7,52,65,347/- was reflected against her name in BSE portal . No such efforts seems to have been made by the assessee which is brought on record except simple denial by the assessee which is not sufficient to discharge the burden cast on the assessee. At the same time, we have also observed that the assessee has earned net profit of 0.59% on the undisputed traded transactions recorded in the books of accounts maintained by the assessee, which net profit ratio of 0.59% on recorded transactions was accepted by Revenue while framing assessment order dated 15.12.2010 passed by the AO u/s 143(3) of the Act of 1961. In our view the end of substantial and complete justice will be met in the instant appeal keeping in view peculiar facts of the case, if un-recorded transaction in the books of accounts which is reported by BSE to have been entered by the assessee to the tune of ₹ 7,52,65,347/- is also brought to tax by estimating net profit @ 0.59% on ₹ 7,52,65,347/-, wherein income is sustained/confirmed in the hands of the assessee to the tune of ₹ 4,44,066/- and rest of the addition stand deleted. We order accordingly.
|