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2009 (7) TMI 52 - HC - Income TaxEstimated Sales – Loose Slips collected during survey u/s 133A – held that AO is not justified in estimating the sales on the basis of loose slips without substantiating that the assessee has actually made the sales to that extent of estimation made by the AO and having no iota of evidence in the form of sale bills or bank account or movable and immovable property which represent earning of unaccounted income by the assessee - No doubt, a false explanation of assessee may be a circumstance to be taken into account for recording a finding of undisclosed income and some degree of guess work is also permissible in such a situation, as held by the Supreme Court in Kachwala Gems Vs. Joint Commissioner of Income Tax [2008 -TMI - 3365 - SUPREME COURT[ it depends upon facts and circumstances of each case as to what is to be fair estimate of undisclosed income.
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