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2018 (6) TMI 276 - AT - Income TaxAdditions made on account of gifts found in survey - Held that:- In none of the gift deeds/declarations the assessee was involved either as a donor or as a donee - under the circumstances where the donees as well as the donors were identified and even responded to the verification process by the AO, the addition of the gifts amounting to ₹ 72,13,000/- in the hands of the assessee is unwarranted and without any basis - thus revenue failed to prove that money either belonged to the assessee or had come to the assessee after being gifted by the donee - AO directed to delete the addition. Additions on account of unexplained stock of gold found in survey - Held that:- AO has not correctly understood the issue and made the addition on wrong appreciation of facts - AO confused the stock of 8862.18 gms and 5925.37 gms i.e. 5935.37 gms were found physically during the course of survey and 8862.18 gms was as per the computer print out at the time of survey as belonging to the customers - CIT(A) has taken a correct view of the matter by into the stock records , reconciliation etc and thus deleted the addition - we do not find any reason to interfere with the order of the CIT(A) and thus addition is deleted. - Decided against revenue
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