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2024 (2) TMI 1334 - ITAT AHMEDABADAddition based on entries appearing in a diary seized from the assessee - addition as unexplained income of the assessee and also initiated Penalty proceedings u/s. 269SS, 269T and 271AAB - money transaction received for various housing projects - CIT(A) deleted addition - HELD THAT:- CIT(A) has already held that the AO did not disprove that the entries in the diary seized are relating to the money transaction received for various housing projects of the Partnership Firms and the assessee was maintaining the accounts of the Partners of the various Firms. AO nowhere in the assessment order rebutted the claim of the assessee with any material evidence. Further the Assessing officer did not give any basis for working out the figure of Rs. 2,53,04,000/- as unexplained cash in the hands of the assessee, as against the workings of Rs. 5,79,61,200/- found in the seized diary. Whereas the assessee produced before us the Return of Income filed by the partnership firm M/s. Yash Buildcon and M/s. Dev Corporation relating to the AY2014-15 and Ld. CIT(A) order in the case of M/s. Yash Buildcon wherein the undisclosed income declared by the assessee. Therefore the ground raised by the Revenue is devoid of merits and the same is liable to be dismissed.
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