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2015 (8) TMI 74 - AT - Income TaxAddition on the basis of statement given by assessee at the time of survey - CIT(A) deleted the addition - Held that:- A.O. without giving any reason whatsoever and addition of ₹ 60 lakhs was made by him merely on the basis of statement made by the assessee during the course of survey without giving any basis to corroborate the same. As rightly pointed-out by the assessee and taken note by the Ld. CIT(A), there was a clear down-fall in the sales of the assessee during the course of post survey period. Moreover, net profit of 9% was declared by the assessee on the entire sales for the year under consideration in the return of income filed and the same being fair and reasonable in the facts and circumstances of the case, the Ld. CIT(A) held that there was no justification in making a further addition of ₹ 60 lakhs which would have given an unusual higher net profit rate of 34%. Having regard to all the facts of the case, we find no infirmity in the impugned order of the Ld. CIT(A), deleting the addition of ₹ 60 lakhs made by the A.O. merely on the basis of statement made by the assessee during the course of survey - Decided against revenue. Addition under section 40A(3) on account of cash payments exceeding ₹ 20,000 - CIT(A) deleted the addition - Held that:- . CIT(A) has deleted the said disallowance made by the A.O. on the ground that individual payments did not exceed ₹ 20,000, there is nothing either in his impugned order or even in the details furnished by the assessee in the paper book to establish the same. An opportunity may be afforded to the A.O. to verify this aspect. Since the Ld. Counsel for the assessee has no objection in this regard, we set aside the order of the Ld. CIT(A) on this issue and restore the matter to the file of A.O. for deciding the same afresh, after verifying the stand of the assessee that the individual payments made in cash did not exceed ₹ 20,000 at a time. - Decided in favour of revenue for statistical purposes.
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