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2017 (2) TMI 799 - AT - Income TaxValidity of assessment u/s. 153A - legal validity of additions made by AO under section 153A proceedings - Held that:- AO has estimated the profit from brick business at a higher rate of profit on the basis analysing of earlier years and financial data of subsequent years of the assessee. The AO has brought no defect in the profit & loss account of the assessee. Similarly the information regarding the gift and unsecured loan was available in the return of income as capital account had been credited and balance sheet reflecting the loan. It is pertinent to note that all the details i.e ITR and some bank statements of donors are placed at page no’s 24 to 41 which clearly shows that the donors i.e Smt.Radha Ghosh donated ₹ 2,00,000/- in cash to Assessee, like wise Smt Minati Ghosh donated ₹ 2,00,000/- by cheque, Brindavan Ghosh for ₹ 50,000/-, Sambhu Ghosh for ₹ 50,000/-, Ashwini Ghosh for ₹ 2,00,000/- and Sita Ghosh for ₹ 1,00,000/- and confirmed the said transactions by letter of confirmations. It is observed form the assessment order that the AO had not referred to any incriminating material found during the search based on which addition had been made. - Decided in favour of Assessee.
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