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2020 (5) TMI 71 - AT - Income TaxRevision u/s 263 - Unexplained income - Addition based on document found in the course of survey in the case of Vijay Construction as undisclosed income of the assessee - HELD THAT:- AO of M/s. Vijay Construction who examined all these details has considered the explanation given therein that the amount of ₹ 1,05,00,000/- included the amount of ₹ 75,00,000/- being the advance from M/s. Ashish Barter Pvt. Ltd., and an amount of ₹ 30,00,000/- representing gift from the mother of Shri Pawan Vijay Jadhav, a partner of M/s. Vijay Construction. It is after considering the explanation that no addition has been made in the hands of either Pawan Vijay Jadhav or Vijay Construction Pvt. Ltd. Said document is in fact the document found in the course of survey of M/s. Vijay Construction Pvt. Ltd. M/s. Vijay Construction Pvt. Ltd. has given an explanation in respect of the said document. AO in respect of M/s. Vijay Construction has accepted explanation given by the assessee therein. Now, it would be farfetched for the A.O in the case of assessee herein to take a stand that the amount belongs to the assessee just because the assessee’s name is mentioned in the seized document. Confirmation letters have been produced in respect of amount being the advance received from Ashish Barter Pvt. Ltd. and the gift from the mother of Shri Pawan Vijay Jadhav. This being so, we are of the opinion that the enhancement done by the learned CIT(A) in respect of the amount of ₹ 1,05,00,000/- in the hands of the assessee is unsustainable and is deleted. As we have already held that the amount is the undisclosed income in the hands of the assessee. The said amount does not in any way relate to the assessee and consequently the interest in respect of the said amount cannot be added in the hands of the assessee. - Decided in favour of assessee.
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