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2017 (6) TMI 642 - AT - Income TaxUndisclosed jewellery - search and seizure operation u/s 132(1) - Held that:- In the light of the admitted fact that the assessee’s wife owned up the jewellery, the assessment of the same in the hands of the assessee was not permissible. The assessee’s wife is assessed to tax by ACIT, Central Circle-1, Kolkata. There is no reason why the addition should be made in the hands of the assessee. The addition is accordingly directed to be deleted. Not allowing expenses against the suppressed receipts from rendering courier services - Held that:- A perusal of the income and expenditure account for A.Y.2010-11 shows that the suppressed booking receipts has been shown in the credit side in the income and expenditure account. The income as per the income and expenditure account is a sum of ₹ 2,63,358/-. In the computation of total income for A.Y.2010-11, the AO has adopted this income as the starting point of computation of income under the head profits and gains of business. Thus the income of ₹ 2,63,357/- includes all expenses debited in the income and expenditure account. The direction of CIT(A) has to be understood as making a reference to no further expenses are to be allowed over and above what is debited in the income and expenditure account. This direction in our view is proper and appropriate because the assessee has not been able to substantiate any other expenses over and above the expenditure debited in the profit and loss account. - Decided against assessee.
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