Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (3) TMI 406 - AT - Income TaxUndisclosed income - Search action u/s 132 - CIT(A) deleted the addition made on the basis of snapshot found in the i-phone of the assessee during the course of search u/s.132 of the Act at the residence of the assessee - AO added the entire amount to the income of the assessee by rejecting the contentions of the assessee that the said entries represented the old entries qua the financing business which assessee had been doing on brokerage basis till the year 2007 and which was closed in the year 2008 - CIT(A) deleted the addition by observing that the AO has failed to bring on record any substantive evidence to the effect that assessee has undisclosed/ unaccounted income - HELD THAT:- The undisputed facts are that during the course of search proceedings, certain snapshots taken in the i-phone of the assessee were examined and there were some entries which were claimed by the assessee as pertaining to the litigation which was going on in respect of fianance activities closed in the year 2008. As contended before us that he was facilitator only charging small commission for getting borrowers for intending lenders. Net worth of the payment was ₹ 28.71 Crores as on 31/03/2015 and ₹ 27.33 Crores as on 31/03/2016 and thus, the calculation of the AO that ₹ 1.56 Crores represented the net worth of ₹ 1.56 Crores on 06.07.2015 is wrong and rightly deleted by the ld. CIT(A) - AO has completely failed to bring any substantive evidence on record to prove that these entries represented the amounts in lakhs and hence , we do not find any infirmity in the order of ld. CIT(A) - The order passed by the ld. AO is based on presumption of surmises without any underlying substantive evidences and therefore, was rightly deleted by the AO. We are therefore, inclined to upheld the order of CIT(A) and appeal of the revenue is dismissed.
|