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2018 (1) TMI 725 - AT - Income TaxAddition u/s.69C on account of unaccounted expenditure - source of such expenditure or part thereof - Held that:- We find that at page nos.30 to 71 of the paper book filed by the assessee is a copy of the said seized diary. Perusal of the same shows that in the seized diary in some of the pages amount is mentioned along with name of certain election publicity items like flags etc., in some places the name of person, date and amount is mentioned and at some places only name of person and amount has been mentioned. From the perusal of the same, it cannot be concluded that the figures mentioned therein were actual financial transactions. It cannot be deciphered therefrom whether the amount mentioned against election material were quotation or actual payment made. Similarly from the name and figure mentioned along with date or without date it is not clear whether the same are actual financial transactions or not and if they are actual financial transactions whether they represent amount received or amount paid by the assessee. Further, we find that the ld.DR could not controvert the finding of CIT(A) that no corroborative material was found during the course of search or even thereafter to show that the figure mentioned in the diary was actual financial transaction.There is no such presumption that the amount mentioned in seized document will be presumed the amount of actual financial transaction. - Decided against revenue
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