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2017 (12) TMI 256 - AT - Income TaxReopening of assessment - no payment was made by the assessee-company during the previous year - loose sheet obtained in the residential premises - Held that:- The loose sheet was obtained in the residential premises of Shri D.V. Naidu which does not indicate that the assessee-company made a payment of ₹ 1 Cr. In fact in the same sheet another sum of ₹ 10 lakhs was shown to have been paid to the seller, but it was offered to tax in the hands of Shri D. Srinivas and neither any comment was made by the Assessing Officer in that regard nor added in the hands of the assessee-company, which is an indication that the figures mentioned in the loose sheet need not automatically be treated as undisclosed income of the assessee. In other words, it cannot be treated as an incriminating material so as to initiate proceedings u/s 148 of the Act in the hands of the assessee, as rightly pointed by the Hon’ble Gujarat High Court in the case of Varshaben Sanatbhai Patel vs. ITO (2015 (11) TMI 934 - GUJARAT HIGH COURT ) - Decided in favour of assessee.
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