Home Case Index All Cases Income Tax Income Tax + SCH Income Tax - 2023 (5) TMI SCH This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (5) TMI 371 - SCH - Income TaxUnexplained expenditure u/s 69C - actual consumption of diamonds as mentioned in the audit report and considering the consistent trend on yield which was found to be between 10-18% AO made the additions - High Court [2010 (2) TMI 636 - GUJARAT HIGH COURT] has allowed the said Appeal preferred by the assessee - HELD THAT:- As solely relying upon the statements of the Typist and the Chartered Accountant, the High Court has reversed the findings of the Assessing Officer as well as the ITAT. High Court has also not at all considered the conduct on the part of the assessee, which came to be considered in detail by the ITAT in para 10 of the order passed by the ITAT. As found that there has been search in the case of the assessee and its group concern on 07.01.1999 which was concluded on 23.03.1999 and during the course of the search, duplicate cash book, ledger and other books showing the unaccounted manufacturing and trading arrived at by the assessee in diamonds were found. ITAT has also noted that the huge addition was made in the case of assessee’s group in the block assessment on the basis of the books so found. Therefore, it was found that the assessee was maintaining the books of accounts outside the regular books. The aforesaid has not at all been considered by the High Court, while passing the impugned order. Thus, the impugned judgment and order passed by the High Court is unsustainable and the same deserves to be quashed and set aside - Decided in favour of revenue.
|