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2019 (3) TMI 63 - BOMBAY HIGH COURTEstimation of income arising out of the activities of the club on the higher side - estimation of daily collection - Tribunal reduced the gross income of the assessee - statements given at the time of search u/s. 132(4) - HELD THAT:- The Tribunal, as noted, scaled down the daily collection to ₹ 50000/- taking a mean and also granted further relief for the holidays and adjustment for inflation for the past period. The entire issue is based on appreciation of evident on record. We do not find that the concurrent findings of the CIT(A) and the Tribunal in the context of estimation of the club's daily collection suffers from any perversity. The view of the Tribunal that the daily collection cannot be spread over all 365 days in an year, was also perfectly valid. When the Tribunal was further spreading such collection rate for a span of six years going backwards, and thus, applying the method of interpolation, adjustment for inflation had to be made and therefore, correctly applied by the Tribunal. Telescopic benefit of income earned in previous year to cash and jewellery found - HELD THAT:- Since the additions were made on estimation for the entire period, the Tribunal was of the opinion that further additions under different heads were not necessary. We do dot find any error in view of the Tribunal. No question of law, therefore, arises.
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