IT: Once books of account of assessee have been prepared based mainly on bank entries and other details, same should be rejected only by cogent reasoning
■■■
[2014] 50 taxmann.com 453 (Pune - Trib.)
IN THE ITAT PUNE BENCH 'B'
Moreshwar Mahadev Bhondve
v.
Assistant Commissioner of Income-tax, Central Circle 1(2), Pune*
SHAILENDRA KUMAR YADAV, JUDICIAL MEMBER
AND R.K. PANDA, ACCOUNTANT MEMBER
IT APPEAL NOS. 2191 TO 2193 & 1502 TO 1504 (PN) OF 2012
[ASSESSMENT YEARS 2004-05 TO 2009-10]
MAY 27, 2014
Section 69A, read with sections 132, of the Income-tax Act, 1961 - Unexplained investments (Rejection of books of account) - Assessment years 2004-05 to 2009-10 - Whether once books of account of assessee have been prepared based mainly on bank entries and other details, same should be rejected only by cogent reasoning - Held, yes - Search conducted at premises of assessee unearthed some documents which showed evasion of tax by assessee and it was discerned that assessee had not been filing his return and even relevant books were not maintained - On basis of seized papers, summary of books and other transactions was prepared by investigating team - On confrontation, assessee admitted his undisclosed income under section 132(4) - Thereafter, books of account were prepared by assessee based on bank transactions, property deals, etc., and return was filed and assessee retracted from his earlier admission - Assessing Officer held that retraction without any cogent reason could not be accepted and he proceeded to make addition on basis of admission of assessee - Whether since Assessing Officer did not advance any cogent reason to reject reconciled Statement prepared by assessee, whole issue was to be restored to file of Assessing Officer - Held, yes [Paras 4.3 to 4.11][In favour of assessee/Matter remanded]
■■■
[2014] 50 taxmann.com 453 (Pune - Trib.)
IN THE ITAT PUNE BENCH 'B'
Moreshwar Mahadev Bhondve
v.
Assistant Commissioner of Income-tax, Central Circle 1(2), Pune*
SHAILENDRA KUMAR YADAV, JUDICIAL MEMBER
AND R.K. PANDA, ACCOUNTANT MEMBER
IT APPEAL NOS. 2191 TO 2193 & 1502 TO 1504 (PN) OF 2012
[ASSESSMENT YEARS 2004-05 TO 2009-10]
MAY 27, 2014
Section 69A, read with sections 132, of the Income-tax Act, 1961 - Unexplained investments (Rejection of books of account) - Assessment years 2004-05 to 2009-10 - Whether once books of account of assessee have been prepared based mainly on bank entries and other details, same should be rejected only by cogent reasoning - Held, yes - Search conducted at premises of assessee unearthed some documents which showed evasion of tax by assessee and it was discerned that assessee had not been filing his return and even relevant books were not maintained - On basis of seized papers, summary of books and other transactions was prepared by investigating team - On confrontation, assessee admitted his undisclosed income under section 132(4) - Thereafter, books of account were prepared by assessee based on bank transactions, property deals, etc., and return was filed and assessee retracted from his earlier admission - Assessing Officer held that retraction without any cogent reason could not be accepted and he proceeded to make addition on basis of admission of assessee - Whether since Assessing Officer did not advance any cogent reason to reject reconciled Statement prepared by assessee, whole issue was to be restored to file of Assessing Officer - Held, yes [Paras 4.3 to 4.11][In favour of assessee/Matter remanded]
No comments:
Post a Comment