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2018 (10) TMI 1499 - AT - Income TaxAddition of sum received towards refund of loan as undisclosed income - the same amount used in purchase of diamonds and the sales proceeds of the said diamonds was declared as income u/s. 132(4) by the appellant and paid taxes thereon - double deduction - Held that:- We of a strong conviction that the assessee had merely in the guise of the disclosure made as regards the unaccounted sale value of the diamonds tried to wriggle out of the incriminating notings appearing on the seized document. We are of the considered view that in the backdrop of the aforesaid facts, it can safely be concluded that the cash loan of ₹ 30,00,000/- advanced by the assessee to M/s Vijay Gruh Nirman Pvt. Ltd. was not returned by the said party. We thus, finding ourselves to be in agreement with the view taken by the CIT(A), uphold his order and sustain the addition of ₹ 30,00,000/- in the hands of the assessee. - Decided against assessee Addition of “on money” for purchase of property - assessee as observed by the CIT(A), from the very beginning had been claiming that the said amount was paid for purchase of diamonds - Held that:- We though are in agreement with the A.O that the “receipts” under consideration viz. Annexure A-11 – Page 30-31 did not make any mention that the amounts were paid by the assessee for purchase of diamonds, but then, we cannot also remain oblivious of the fact that the said” receipts” also did not make any such mention from which it could be safely concluded that the amount was paid by the assessee for purchase of property. We may further observe, that the” Affidavit” and the confirmation filed by Sh. Vikram Singh Shekhawat also substantiates the fact that the amount was paid by the assessee for purchase of diamonds. We thus, not being able to persuade ourselves to subscribe to the view arrived at by the A.O on the basis of the seized documents viz. Annexure A-11 – Page 30-31,thus uphold the order of the CIT(A) and confirm the deletion of the addition of ₹ 42,21,000/- made by the A.O. - Decided against revenue.
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