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2012 (9) TMI 713 - ITAT, COCHINAddition on account of undisclosed purchase – Assessee engage in sandal wood business – During search u/s 132, AO found incriminating materials in respect of investment made in business – CIT(A) estimated profit @ 20% of business – Held that:- When the material found during the course of search operation, discloses the investment made by the assessee and the assessee has also accepted the statement found in the seized material then it must be used by CIT(A). CIT(A) made addition without referring the seized material. Therefore issue remand back to CIT(A) Undisclosed investment u/s 69B – During search AO founds that assessee made investment in shares which is more than amount shown in books – Held that:- Since both the parties have not filed the copies of the document before Tribunal. Therefore, Tribunal unable to verify the entries in the seized document. Therefore, orders of the lower authorities are set aide and the issue relating to investment is remitted back to the file of the AO Addition u/s 68 – AO made addition on account of unexplained creditors – Assessee submit the confirmation with CIT(A) – CIT(A) set aside the order of AO for reconsideration – Held that:- CIT(A) has no power to set aside the assessment for reconsideration. But the fact remains is that the assessee has filed the confirmation letters from the creditors which needs to be considered by the AO in accordance with law. Issue remand back to file of AO.
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