TaxTMI 
TaxTMI 
2017 (7) TMI 872
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.... the Income Tax Appellate Tribunal was right in holding that additions deleted by them could not have been made as they do not represent the undisclosed income for the purpose of Section 158BD read with Section 158BC of the Income Tax Act, 1961?" 3. The facts in brief are that a search took place in the premises of the brother of the Respondent-Assessee on 17th October, 1995, when certain documents were seized along with cash of Rs. 5.27 lakhs, jewellery of 1016 gms and FDRs of the value of Rs. 2,03.678. On that basis, proceedings were initiated against the Assessee under Section158BC read with Section 158BD of the Act. Pursuant to the notice issued to him u/s 158BC, a return was filed by the Assessee on 12th August, 1996. 4. In the conse....
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....Rajesh and Company. The Assessee filed his return for the Assessment Year ('AY') 1986-87 on 16th January, 1987. An assessment order was passed in respect thereof by the AO under Section 143 (1) of the Act. It is the admitted case that thereafter, no returns were filed for the AYs 1987-88 to 1991-92. According to the Assessee for these five AYs, his income was below the taxable limit and therefore, there was no requirement, given the law prevalent at that time, to file a return. The Assessee maintains that the Department was conscious of this position. 8. The Assessee filed a return for AY 1992-93 on 16th March, 1993. Although, the notice was issued to the Assessee in respect of the said return by the AO under Section 142 (1) of the Act, th....
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....Section 143(3) of the Act. In the absence of any incriminating material justifying the same, the Court finds that the impugned order of the ITAT having deleted these additions does not call for any interference. 11. As regards, the addition of Rs. 1,40,731 for AY 1986-87 as balance of capital, again there is no reference by the AO in the impugned order to any incriminating material. The case of the Revenue is that the original return filed by the Assessee for AY 1986-87 was not accompanied by the balance sheet and therefore, there was no occasion for the AO at that stage to have examined it or raised a query. In any event, the Court finds that the AO has not referred to any incriminating material as such which would justify the additions e....
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....ous companies were noted. The Assessee was shown to hold shares in one such company viz., Agbros Polymers Pvt. Ltd. and also the Director of Agbros Sharebroking Ltd. It would therefore not be surprising that a slip of paper containing the bank balances of such companies are found in the possession of the Assessee. 14. In any event, the names of the entities whose bank balances were shown in the said slip of paper were themselves income tax payers/Assessees. The confirmations from those who had given the advances were in fact produced by the Assessee. The AO in the assessment order simply states "it appears that the Assessee was used as a person through whom the unaccounted money of the assessee was coming back in the form of creditors to t....