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| The Tax Publishers2020 TaxPub(DT) 0292 (Guj-HC) INCOME TAX ACT, 1961
Section 69
Where in loose papers found during the search, the name of the assessee nowhere appeared and during the search, statements of the representatives of the group concern were also recorded, who had denied the contents of the documents impounded and Tribunal concluded that papers merely contained some notings but, in any case, did not involve the assessee, therefore appeal of Revenue was dismissed.
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Income from undisclosed source - Addition under section 69 based on a single loose sheet found from third party - Name of assessee not oppearing in sheet -
Revenue challenged the order of Tribunal contending that Tribunal was not justified in deleting the addition made by AO with respect to addition on unaccounted investment in a group concern. Held: Tribunal held that in loose papers found during the search, the name of assessee nowhere appeared. During the search, statements of representatives of the group concern were also recorded, who had denied the contents of the documents impounded. Tribunal noted that against the said group, in respect of notice found in such papers, no account was taken. Tribunal concluded that papers merely contained some notings but, in any case, did not involve the assessee. Therefore, appeal of Revenue was dismissed.
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
IN THE GUJARAT HIGH COURT
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