| |
| The Tax Publishers2020 TaxPub(DT) 3850 (Jp-Trib) INCOME TAX ACT, 1961
Section 153A
Where AO made addition on account of alleged income from scrap trading earned by assessee on basis of said income offered by assessee before Settlement Commission, considering fact that there was no material suggesting that assessee was carrying on scrap trading business and application before Settlement Commission was also rejected, addition made by AO was unjustified.
|
Search and seizure - Assessment under section 153A - Alleged income from scrap trading - Addition on basis of income offered by assessee before Settlement Commission
Revenue was aggrieved by order of CIT(A), wherein he deleted addition made by AO on account of scrap trading. CIT(A) held that no material was found which suggested that assessee was carrying on scrap trading business. Further, CIT(A) observed that sole basis of addition was declaration before Settlement Commission made by assessee, which itself was rejected. Held: Detailed finding was recorded by CIT(A) to effect that there was no material before AO to suggest that assessee had income from scrap trading. It was also found that while rejecting the assessee's application before the Settlement Commission, it observed that there was no income from scrap sale. Detailed finding so given by CIT(A) was not controverted by revenue by bringing any positive material on record. Accordingly, there was no reason to interfere in findings given by CIT(A).
REFERRED :
FAVOUR : In assessee's favour
A.Y. : 2011-12
INCOME TAX ACT, 1961
Section 45 read with Section 245HA(3)
 SUBSCRIBE FOR FULL CONTENT
|