Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (4) TMI 1057 - AT - Income TaxUnexplained investment in property u/s 69 - Held that:- As per CIT(A) Assessee had not filed his return of income from A.Y 2007-08 - though Assessee has not filed return of income from A.Y 2007-08 onwards, yet his submission of maintaining books of accounts & further the preparation of cash book after the search has little credibility and is against human probabilities. He has also noted that in the absence of any contemporaneous evidences of cash payments, amount has been rightly considered to be out of his explained source of income by the Assessing Officer. AR has not brought any material on record to controvert the findings of CIT(A) - Decided against assessee. Unexplained investment in gold jewellery and silver utensils u/s. 69A - Held that:- A.R.'s contention that at the time of search the inventory of silver was made in the name of wife of Assessee, while making the assessment in the hands of Assessee’s wife, no addition has been made has not been controverted by Revenue. Thus no addition of silver in the hands of Assessee is called for. - Decided in favour of assessee Unexplained investment in KVPs - Held that:- Assessee had failed to show the source of opening cash balance and had also not furnished any evidence of availability of cash in his hand. Refereeing to AR's submission that he had withdrew ₹ 90,000/- from his savings bank account and it was used for purchase of KVPs it has not been controverted by Revenue - we are of view that credit to the extent of ₹ 90,000/- be granted and the addition is, therefore, restricted to the balance amount of ₹ 80,000/-. - Decided partly in favour of assessee.
|