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2010 (4) TMI 457 - HC - Income TaxUnexplained investment - The Assessing Officer issued a notice under section 148. Assessee did not file return. Later, the Assessing Officer issued a notice under section 142(1) calling for explanation regarding the source of fund for purchasing the house of property. The Assissing Officer made an addition of Rs. 4800 towards the income from house property and also Rs. 11,31,410 towards unexplained investment under the head "Other Sources" and also initiated penalty u/s 271(1)(c). The Commissioner (Appeals) sustained the addition to the extent of Rs. 2,64,068 out of Rs. 11,36,310. He also held that penalty leviable. The Tribunal upheld the order. Held that - though the issue of joint ownership was argued, the authorities below had not consider the matter. The Tribunal was not right in law in sustaining the entire addition as unexplained investment in the hands of assessee.
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