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2018 (4) TMI 407 - HC - Income TaxUndisclosed cash receipt - addition based upon documents seized during the course of search - Held that:- During and after the search, assessee states that these receipts are of extra or additional work done by him to certain purchaser of flats. These receipts have to be taxed in the hands of assessee by Revenue then total receipts cannot be added to the total income. Only profit margin has to be taxed. Therefore, we are of the view that entire amount cannot be added to the income of the assessee considering the statement of the assessee u/s 132(4) of the Act. It is also pertinent to note that the assessee has declared income of ₹ 10 lacs in A.Y. 2009-10 and ₹ 20 lacs in A.Y.2010-11 in respect of such receipt which is also assessed by the AO, therefore, the addition made by the AO and partly confirmed by the ld. CIT(A) is deleted. - Decided in favour of assessee
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