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2022 (7) TMI 394 - ITAT DELHIAddition based on Statement recorded on oath u/s 132(4) - unaccounted business/stock - HELD THAT:- There is no denying of the fact that the documents of unaccounted business were found from the premises of Shri Himanshu Kohli and the entire edifice of assessment is based upon this fact. In one of his replies, the assessee has categorically denied the alleged unaccounted transaction, whereas Shri Himanshu Kohli has categorically admitted the unaccounted transaction. Therefore, presumption of sections 132(4) and 292C of the Act has been substantiated by the admission of Shri Himanshu Kohli. The assessee further submitted that unaccounted stock, which was lying there, has been surrendered as undisclosed income for Assessment Year 2015-16. These factual statements of the assessee have neither been controverted nor demolished by the Assessing Officer by bringing cogent material evidence on record. In our considered opinion, the entire additions made by the Assessing Officer are on the basis of surmises and conjectures devoid of any supporting evidence. Statements referred to and relied upon by the Assessing Officer are that of Shri Himanshu Kohli, who, in fact, has admitted the transactions done by himself in the name of his father. Therefore, qua the presumption u/ss 132(4A) and 292C of the Act, the entire additions, if any, should have been made in the hands of Shri Himanshu Kohli and not the assessee. We do not find any merit in the additions made by the Assessing Officer. Therefore, the Assessing Officer is directed to delete all the additions made in the hands of the assessee. - Assessee appeal allowed.
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