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2005 (1) TMI 23 - HC - Income Tax
Unexplained Investment - "Whether Tribunal was right in law in directing the AO to make additions of the value of 400 bags of HDPE powder as unexplained investment under section 69 of the Income-tax Act, 1961, when the same is a part of the purchases and part of the closing stock recorded in the books of account maintained by the assessee and the nature and source of the investment has been duly explained by the assessee?" - Tribunal could not have sustained addition of the value of 10 M.Ts. of HDPE powder, when the nature and source of investment has been duly explained by the assessee - Tribunal was not justified in rejecting the explanation of the assessee and directing the Assessing Officer to add the value of 10 M.Ts. of HDPE as deemed income of the assessee