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2020 (3) TMI 127 - HC - Income TaxAddition on account of sales - Addition loose sheets recovered during survey operations - HELD THAT:- We do not find any reason to interfere in the impugned order. The documents recovered during the survey operation have to be read as they exist and nothing can be added to them. The said documents disclose what they state. The said documents reflect “broker-wise due as on 12.01.2005”. This clearly means that the tabulation reflected the amount recoverable by the assessee from the named brokers, as on 12.01.2005, and it did not reflect the amount actually received or accrued. The assessee, admittedly, is a real estate developer and its explanation that it had received booking amount of ₹ 17 crores, which was reflected in the book of accounts to the AY 2005-06, and that in respect of the said bookings, further amounts were to be received in subsequent years was completely a plausible explanation. Indeed, the assessee disclosed in its books of accounts further receipt of ₹ 1,34,59,86,447/- in the subsequent years, and the assessee also reflected the balance amount due as ₹ 7,88,50,502/-. AO was not justified in making addition on account of sales.
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