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2019 (12) TMI 754 - ITAT MUMBAIAddition on the basis of loose paper - resumption u/s 292C - undisclosed income - survey u/s 133A carried out by the Department on the business premises of the assessee - details of share speculation transaction due to favorable share market position - HELD THAT:- As per statement itself 4 no document of assessee kept anywhere outside. No other irregularity found in books. Admittedly, the assessee had never entered into any share transaction in past or even subsequently. It defies any logic why the assessee should have ventured into share transaction, that too, speculative in nature, suddenly and without any reason. It also defies logic, why, if it was so lucrative so as to earn ₹ 1.28 crores in such a short period and absolutely without any effort, the assessee should discontinue such activity after few months. The Survey Party was obviously aware about such lacuna/defects/non - existence of any detail, as not a single question was asked about such vital details/missing links, shortcomings, which any normal investigation officer would have asked. We are of the view that the alleged print out in both the cases i.e. Shreeji Transport Services and Amplas Ploymerts Pvt. Ltd., both are dumb documents and no cognizance of the same can be taken for making addition. Both the authorities below have erred in making addition. Hence, addition in the case of Shreeji Transport Services Pvt. Ltd. and addition is deleted. - Appeals of assessee are allowed.
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