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2014 (11) TMI 639 - ITAT HYDERABADAdditions towards unexplained cash credit - Additions on the basis of loose sheets found during Search and seizure u/s 132 – income belong to individual or firm - Held that:- The Tribunal held in that case that in income from coal business is to be considered in the hands of M/s. Balaji Trading Agency only - However, AO took the credits in the documents as that of individual - This stand of the AO cannot be approved - Since the seized documents are stated to be that of the firm, M/s. Balaji Trading Agency, the additions cannot be made in individual hands - from the same set of documents seized during the search and seizure operations, it was considered by the AO that an amount of ₹ 40,00,000 is to be protectively assessed in the hands of the assessee also - The AO has made both the additions as income from coal business and addition of unexplained cash credits on the basis of loose sheets containing rough notings - The CIT(A) while deleting the addition of ₹ 40 lakhs has upheld the addition of ₹ 1,04,73,034, which is not justified – the order of the CIT(A) is set aside and the additions for the AY 2008-09 and 2009-10, allowing the main grounds of the assessee in these appeals – Decided in favour of assessee.
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