| |
| The Tax Publishers2020 TaxPub(DT) 1922 (Pune-Trib) INCOME TAX ACT, 1961
Section 68
Where AO in respect of searched party accepted explanation given by assessee, then it was farfetched and unjustified for AO in case of assessee to take a stand and allege that amount belonged to assessee just because his name was mentioned in seized document.
|
Income from undisclosed sources - Addition made for unexplained income based on document found in course of survey in case of certain party - Addition made solely on basis that name of assessee was mentioned in seized document -
Pursuant to revision under section 263, addition was made for unexplained income based on document found in course of survey in case of Vijay Construction as undisclosed income of assessee. Held: AO of Vijay Construction who examined all details, considered explanation given therein and after considering explanation, no addition was made in hands of Vijay Construction. AO in respect of Vijay Construction accepted explanation given by assessee. Thereafter, it would be farfetched for AO in case of assessee to take a stand that amount belonged to assessee just because his name was mentioned in seized document. Since confirmation letters were produced in respect of amount, thus, enhancement done by CIT(A) in hands of assessee was unsustainable and was deleted.
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
 SUBSCRIBE FOR FULL CONTENT
|