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2012 (9) TMI 505 - ITAT, COCHINBlock assessment - addition on account of agricultural income - assessee disclosing higher agricultural income - Held that:- Though the assessee claims that a rubber plantation to the extent of 1.85 acres was purchased on 17-10-1996, no material is produced to support the contention of the assessee either before the lower authorities or before this Tribunal. Moreover, no material was found during the course of search operation. Hence, CIT(A) rightly restricted agricultural income at Rs.2,46,000 as against Rs.5,46,926 adopted by the AO. Addition on account of deficiency found in the cash flow statement of assessee's wife - Held that:- No material was found during the course of search operation. CIT(A) rightly observed that if at all there is any deficiency, the same has to be considered as undisclosed income of the assessee’s wife and not as undisclosed income of the assessee. Addition towards low personal expenses - Held that:- In the absence of any material found during the course of search operation this Tribunal find that there cannot be any addition as undisclosed income. Deletion of addition is confirmed. Direction of the CIT(A) to verify the confirmation letter in respect of loan of Rs.2 lakhs - Held that:- When the assessee filed the confirmation letter, it is the duty of the AO to examine the same. The creditworthiness, identity of the creditor and genuineness of the transaction has to be examined in the light of the material available on record.
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