Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2015 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (2) TMI 590 - HC - Income TaxUndisclosed salary - income on account of a document seized during the search proceedings - ITAT deleted the addition - Held that:- Since the document seized was both undated and unsigned and even taken at face value did not lead to further enquiry on behalf of the AO, the ITAT’s view which endorsed the findings of the CIT(Appeals) were well-founded and do not call for interference. The reliance placed upon Urmila Gambhir V. CIT (2009 (12) TMI 440 - DELHI HIGH COURT ) in this Court’s opinion is inapt because in that case there was other corroborative material for the income tax authorities to link the description of the transactions found in the said innocuous document seized with respect to other material. However, such inference cannot be drawn in this case because there is no other material. On the contrary the AO’s acceptance and finalization of the assessment for 2007-08 on the basis of salary income of the assessee, undermines the entire findings with respect to the inferences drawn and the additions made, indicated above. - Decided against the revenue. Unaccounted property - ITAT deleted addition - Held that:- So far as the second amount ₹ 41,32,800/- is concerned there cannot be any doubt that the above was sought to be made in respect of the period 1999-2000. Clearly that was beyond the block period and therefore time-barred. That apart the CIT(Appeals) noted that after the remand during the pendency of appellate proceedings, the affidavit relied upon by the assessee in Brij Bhushan Gupta was not adversely commented upon. This being a factual finding the Court finds no reason to interfere with the ITAT’s order. Also the addition was made only on the basis of some loose papers and a chit. This too would fall in the same category of material which could not have been the sole basis for addition without some surveillance of the substantiation. Consequently, the ITAT’s reasoning cannot be faulted.- Decided against the revenue. Undervaluation of property - addition on account of differential value added - Held that:- In the absence of any incriminating evidence with respect to payment over and above the reported amount, the revenue is under the burden of proving that in fact there was understatement or concealment of income. In the present case too there was no material at all for the revenue to conclude that the transaction relating to the properties was undervalued. See CIT Vs. Ravi Kant Jain (2001 (3) TMI 52 - DELHI High Court) and CIT V. Naveen Gera [2010 (8) TMI 194 - Delhi High Court ]. - Decided against the revenue.
|