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2018 (1) TMI 599 - AT - Income TaxUndisclosed income of the assessee - search u/s 132 - transactions recorded in the loose sheets - burden with regard to the ownership of the documents mentioned in Annexure GVS/3 & GVS/4 - Held that:- Merely relying on the statement of the assessee’s son, the A.O. cannot make addition in the hands of the assessee without bringing any tangible evidence. Once the assessee furnished the details of the transactions, the name and address of the person, the burden of the assessee stands discharged and shifts to the revenue and the revenue has to discharge its burden making necessary enquiries. In this case, even though assessee has discharged the burden, the A.O. has not discharged its burden. Therefore, we hold that the A.O. has not made out a case for making addition in the hands of the assessee and the transactions recorded in the Annexure GVS/3 & GVS/4 do not related to the assessee and related to Smt. S. Venkata Ratnam and the addition if any required to be made in her hands but not in the hands of the assessee. Accordingly, the additions made on the basis of Annexure GVS/3 & GVS/4 stands deleted. With regard to the additions made in respect of the seized material marked as Annexure GVS/1, the assessee’s son in question No.4 has stated that the copies of the relevant documents in page Nos.18 to 22 represents the money lending transaction done by his father. This fact was neither disputed by the assessee nor disputed by his son. In the subsequent replies filed before the A.O., the assessee has not disputed the contents of the loose sheets numbered in GVS/1, GVS/18 to 22. In the loose sheets found and seized during the course of search in GVS/1, there was a principal amount as well as the interest recorded which not was disputed by the assessee and did not explain. Therefore, we hold that the amounts recorded in the loose sheets in GVS/1 from page Nos.18 to 22 are related to the money lending transactions of the assessee as stated by the assessee’s son in his statement dated 18.3.2009. Accordingly, we uphold the additions for the assessment years 2005-06 to 2006-07 accordingly - decided partly in favour of assessee
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