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2019 (8) TMI 889 - AT - Income TaxUnexplained investment - expenditure towards construction/furnishing of Hotel Courtyard Marriot - addition based on seized documents - Subsequent to the search proceedings the assessee company surrendered an amount of ₹ 4,41,26,298/-towards ‘bogus bills’ booked during various years - HELD THAT:- A perusal of the seized annexure viz. Annexure A2 – Page 13 (copy placed on record) clearly reveals that the ‘source’ of the balance investment of ₹ 1,88,04,000/- made by the assessee towards construction/furnishing of the Hotel Courtyard Marriot, was from the cash that was received back by the assessee against the payments made towards ‘bogus purchases’. In fact, we are in agreement with the contention advanced by the ld. A.R, that inadvertently the remaining part of the seized document viz. Annexure A2 – Page 13 had remained omitted to be considered by the CIT(A). As observed by us hereinabove, a perusal of the seized document, to the extent, the same is relevant in context of the investment of ₹ 1,88,04,000/- made by the assessee towards construction/furnishing of Hotel Courtyard Marriot We are of the considered view, that as the investment made by the assessee towards construction/furnishing of Hotel Courtyard Marriot, viz. (i). electrical fittings: ₹ 79,80,001/-; and (ii). furniture and fittings: ₹ 1,08,24,000/-, therein aggregating to ₹ 1,88,04,000/- was sourced from the cash that was received back by the assessee against the payments made towards ‘bogus purchases’, therefore, in the backdrop of the declaration of the ‘bogus purchases’ of ₹ 4,41,26,298/- made by the assessee, a separate addition as regards the application of the said amount would not be justified. - Decided in favour of assessee.
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