IT : Where assessee had surrendered lesser sum instead what he admitted during course of survey, in absence of any exercise made by Assessing Officer to hold that said surrendered value was not proper, addition made was to be deleted
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[2015] 53 taxmann.com 173 (Rajasthan)
HIGH COURT OF RAJASTHAN
Commissioner of Income-tax, Alwar
v.
Ashok Kumar Jain*
AJAY RASTOGI AND J. K. RANKA, JJ.
D. B. INCOME TAX APPEAL NO. 27 OF 2014†
SEPTEMBER 17, 2014
Section 68 of the Income-tax Act, 1961 - Cash credit (Surrendered amount) - Assessment year 2008-09 - In his revised return, assessee surrendered a lesser sum instead what he admitted during course of survey - It was observed that no exercise had been made by Assessing Officer so as to hold that said surrendered amount was not proper - Whether where Assessing Officer had not bring on record cogent material and other evidences to support addition, addition made was to be deleted - Held, yes [Paras 10 and 11] [In favour of assessee]
■■■
[2015] 53 taxmann.com 173 (Rajasthan)
HIGH COURT OF RAJASTHAN
Commissioner of Income-tax, Alwar
v.
Ashok Kumar Jain*
AJAY RASTOGI AND J. K. RANKA, JJ.
D. B. INCOME TAX APPEAL NO. 27 OF 2014†
SEPTEMBER 17, 2014
Section 68 of the Income-tax Act, 1961 - Cash credit (Surrendered amount) - Assessment year 2008-09 - In his revised return, assessee surrendered a lesser sum instead what he admitted during course of survey - It was observed that no exercise had been made by Assessing Officer so as to hold that said surrendered amount was not proper - Whether where Assessing Officer had not bring on record cogent material and other evidences to support addition, addition made was to be deleted - Held, yes [Paras 10 and 11] [In favour of assessee]
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