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2015 (9) TMI 229 - CALCUTTA HIGH COURT

2015 (9) TMI 229 - CALCUTTA HIGH COURT - TMI - Addition u/s 69 - Unexplained investments - ITAT deleted the addition - Held that:- AO has made the addition merely on the basis of papers seized from the possession of K.K.Mahipal, the assessee’s brother. Save and except the said papers, the Assessing Officer did not bring any corroborative material to prove that the assessee and his other family members had advanced the said amount to K.K.Mahipal. In order to saddle the assessee with such addition .....

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ce the addition cannot be made on the basis of presumption. The judgement in CIT vs. Ashim Krishna Mondal (2004 (7) TMI 80 - CALCUTTA High Court) very succinctly lays down the principle of law that computation is different from estimation and computing an income under section 158BB cannot be on the basis of conjecture and surmise. In the case in hand, as the addition of ₹ 25 lakhs was made in violation of section 158BB which stipulates that computation has to be made on the basis of materi .....

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, Mr. Aritra Basu, Advocate, Mr. Arka Banerjee, Advocate The Court : The instant income tax appeal was admitted on the following substantial questions of law: 1. Whether, on the facts and in the circumstances of the case, the order of the Income-tax Appellate Tribunal deleting the addition of ₹ 8.45,247 under section 69 of the Income-tax Act, 1961, is perverse on the facts and erroneous in law? 2. Whether on the facts and in the circumstances of the case, the order of the Income-tax Appell .....

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sessment period from 1st April, 1987 to 12th December, 1997 whereby the appeal filed by the department was dismissed. The facts, which are relevant for consideration, are as under:- On 12th December, 1997 there was a search and seizure under section 132(1) of the Act at 20 Manohar Lal Street, Kolkata. The Assessing Officer, on scrutiny of the seized books of K.K.Mahipal, assessee s brother, found that the assessee and his family members had advanced a sum of ₹ 8,45,247 on 11th May,1996. As .....

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ripartite agreement with the landlord and the new tenant, I had received sum lumpsum payment. The amount I do not remember. I shall consult my sons and I shall make disclosure on that amount. As evident from records, assessment was made for the said block period and order was passed by the Assessing Officer under section 158BC of the Act computing the undisclosed income at ₹ 43,70,329/- and ₹ 26,22,197/- as tax payable. The seized jewellery valued at ₹ 3,50,379 was directed to .....

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wo additions which were confirmed by the Tribunal. The Revenue being aggrieved by the said deletions have preferred the instant appeal. So far as the first question is concerned, we find that the Assessing Officer has made the addition of ₹ 8,45,247 merely on the basis of papers seized from the possession of K.K.Mahipal, the assessee s brother. Save and except the said papers, the Assessing Officer did not bring any corroborative material to prove that the assessee and his other family mem .....

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riate to refer to the relevant portion of section 158BB of the Act which is as under : The undisclosed income of the block period shall be the aggregate of the total income of the previous years falling within the block period computed, (in accordance with the provisions of this Act, on the basis of evidence found as a result of search or requisition of books of account or other documents and such other materials or information as are available with the Assessing Officer and relatable to such ev .....

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