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2009 (2) TMI 126 - HC - Income TaxSearch and Seizure – Meaning of Undisclosed Income - assessees received unaccounted money towards the sale of flats apart from certain illegal payments such as bribes debited as construction expenses, which are disallowable against gross receipts. Certain unexplained investments in the property made by the senior partner were also detected. Cash was found in excess of cash balance recorded in the books. Some amount was received from the flat owners on various dates towards various expenses involving additional amount paid for acquisition of land and extra amenities provided in the flats - Out of these certain amounts had already been accounted for in the earlier years’ books of account leaving a balance of Rs. 39,68,999 and towards this the assessee offered a sum of Rs. 40 lakhs as undisclosed income. AO proceeded to estimate the cost of construction and arrived at an additional sum of Rs. 30,79,298 for the block period being illegal expenses accounted for in the books as construction expenses. – HC did not find any merit in appeal and dismissed the appeal
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