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2019 (9) TMI 856 - AT - Income TaxUndisclosed income during the reassessment proceedings - basis of the addition was a loose paper found during survey operations - HELD THAT:- Except for this loose paper, there is nothing in record which corroborate the stand of revenue. This paper was found at the premises of a third party and the complete onus to prove that certain cash got exchanged between M/s Matrix and the assessee, was on revenue. This become all the more important since all the concerned parties viz. Ms. Sandhya, M/s Matrix, Ms. Katrina Kaif, ATN or the assessee, denied having entered into any such cash transactions. No cogent material has been brought on record to rebut the denial made by these parties. It is trite law that addition could not be made merely on the basis of presumption, guess-work, conjectures or surmises. The revenue, in our considered opinion, could not succeed in bringing any corroborative or circumstantial evidence to lend any credence to the contents of the loose paper. In fact, for the aforesaid very reasons, the additions made by AO on the basis of loose paper, in the hands of M/s Matrix and Ms. Katrina Kaif were deleted by first appellate authority in their respective appeals. In the present case, first appellate authority has merely followed the decision in those cases. In MS. KATRINA ROSEMARY TURCOTTE [2017 (11) TMI 669 - ITAT MUMBAI] no material in the possession of the AO to demonstrate that the assessee has received any amount in cash from M/s. Matrix India Entertainment P. Ltd. For Dhaka event. On the contrary, the evidences on record do indicate, though, the assessee appeared in the Dhaka event conducted through M/s. ATN Records Ltd., however, she has received her fees fully in cheque and has offered it as income in the relevant assessment year. As no material has been brought before us by the Revenue to controvert the aforesaid facts we are inclined to affirm the order of the CIT(A) on this issue by dismissing the ground raised by the Revenue.
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