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| The Tax Publishers2020 TaxPub(DT) 3319 (Hyd-Trib) : (2020) 080 ITR (Trib) 0550 INCOME TAX ACT, 1961
Section 143(3)
Where CIT(A) observed that assessee had not filed copy of the receipt of Rs. 27,482 only or that it is not relating to the year of account and even before Tribunal, no evidence was filed, therefore, ground raised by assessee was dismissed.
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Assessment - Validity - Addition towards chit dividend from Osmania Chit Funds -
Assessee was deriving commission income from distributorship of Amway products. During the assessment proceedings under section 143(3), AO observed that assessee had received dividend from a Chit Fund amounting to Rs. 31,861 and suffered a loss of Rs. 22,000 on bidding it and after adjusting the loss to the dividend, a surplus dividend of Rs. 9,861 only remained. Accordingly, AO brought Rs. 9,000 to tax. Held: Assessee stated that he has received a sum of Rs. 27,482 only as dividend and not Rs. 31,861. CIT(A) observed that assessee had not filed copy of receipt of Rs. 27,482 only or that, it was not relating to the year of account. Even before Tribunal, no evidence was filed. Therefore, ground raised by assessee was dismissed.
REFERRED :
FAVOUR : Against the assessee.
A.Y. : 2009-10
INCOME TAX ACT, 1961
Section 145
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