Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (4) TMI 88 - ITAT INDOREUndisclosed income - income on the basis of loose paper - calculation mistake - gross or net surrender - applicability of Section 115BBE HELD THAT:- Documents income works out to ₹ 2,10,13,228/- (Gross receipt ₹ 3,26,00,730/- less expenses ₹ 65,19,150/- less expenses ₹ 50,68,352/-), but inadvertently Director Shri Sunil Jain during the course of survey while admitting the undisclosed income totaled the three figures comprising of income and expenses and surrendered income at ₹ 4,41,88,232/- which in our view was a bonafide mistake as the income on the basis of impugned loose paper was desired to be surrendered. CIT(A) has rightly deleted the addition by allowing ground of the assessee and therefore needs no interference as the right amount of undisclosed income has been subjected to tax. We accordingly confirm the view taken by CIT(A) and dismiss revenue’s Ground No.1. Set off of expenditure against the unaccounted income - HELD THAT:- Alleged expenditure have been thoroughly explained by the assessee before the lower authorities and the impugned account mainly includes salary paid to Shri Sunil Jain and others which have been duly offered to tax by Shri Sunil Jain and others in their respective return of income tax. It is also discernable from the records that the impugned expenditure have been claimed against the income from organizing health camp which is also the part of the business activity of the assessee company. No infirmity in the finding of CIT(A) and the same needs to be confirmed. In the result Ground No.2 of the revenue stands dismissed.
|