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2022 (10) TMI 156 - AT - Income TaxUnexplained investment on the basis of search report in the case of AEZ group - Reliance on loose sheets - HELD THAT:- Department could not produce any corroborative evidence to show that the assessee had in fact made investment in the concerns of AEZ group. The evidences furnished by the assessee in the form of confirmation from the concerns of AEZ group that the assessee nor his family members never made any investment by paying cash or cheque were not at all examined by the Assessing Officer in spite of the assessee stating that no such investment had been made by the assessee. The only basis for making addition under section 69 of the Act in the hands of the assessee is the loose sheets said to have been seized in AEZ group. This alone cannot be the basis for treating such alleged investment as un-explained by the assessee especially when the assessee furnished evidences to show that he has never made such investment in group concerns of AEZ group. Thus we hold that the Assessing Officer erred in treating sum as un-explained investment in the hands of the assessee. The ground raised by the assessee is allowed.
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