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2017 (10) TMI 1205 - AT - Income TaxUnexplained unaccounted investment of the assessee - diamonds found from the possession of one, Shri Sunil Bhari at the Airport for a sum of ₹ 8,38,25,960/- treated as unexplained investment in the hands of the assessee - proceedings initiated under section 153C - Held that:- The entire diamonds found from the possession of the person cannot be assessed as undisclosed investments in the hands of the assessee. This factum of assessment order in the case of two companies passed u/s 153C clearly vitiates the stand of the Revenue and clinches the issue in favour of the assessee. Thus, we do not find any reason to sustain the addition on account of diamonds intercepted and found from the possession of the person at the Airport in the hands of the assessee. In any case, the ld. CIT (A) has discussed this issue threadbare and have come to a definite conclusion that the addition cannot be made in the hands of the assessee and such a finding of fact cannot be deviated from unless there is some other corroborative material to rebut each and every finding as have been incorporated by the ld. CIT (A) after appreciating the entire facts and material on record. Accordingly, the order of the ld. CIT (A) is confirmed and the grounds raised by the Revenue are dismissed.
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