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2017 (12) TMI 41 - AT - Income TaxAddition u/s 69 - unexplained jewellery found from the employees of the assessee - Held that:- We find that since the excess gold was found from the employees of the assessee and the assessee could not furnish the satisfactory explanations, the addition under section 69 is called for and we therefore find no infirmity in the order of the Commissioner of Income-tax (Appeals) restricting the addition for the excess gold ornaments of 4.148 kgs. valuing at 87,10,800. But while confirming this addition, the Commissioner of Income-tax (Appeals) has approved the action of the Assessing Officer for making the addition of ₹ 1,96,42,564 which is not called for. The observation of the Commissioner of Income-tax (Appeals) appear to us to be correct to the extent of addition for the excess gold jewellery of 4148.689 gms. Thus we modify the order of the Commissioner of Income-tax (Appeals) and confirm the addition of ₹ 87,10,800 for the gold jewellery weighing at 4148.689 gms. which were not duly explained by the assessee-firm. Since the addition in the hands of the firm is confirmed, the order of the Commissioner of Income-tax (Appeals) deleting the additions in the hands of the individuals is also approved as there cannot be double additions. Accordingly, appeals of the Revenue stand dismissed and that of the assessee is partly allowed
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