Case Law Details
Brief about the case
The assessee is an individual engaged in the business of trading in scrap. For the assessment year under consideration, the appellant filed original return of income on 04-12-2001 admitting total income of Rs. 82,200/-. The said return of income was processed u/s. 143(1) of the Act. A Search and seizure operations was also conducted in the appellant’s premises on 07-11-2007. Subsequently, notice u/s. 148 was issued on 27-03-2008 in response to which the appellant filed return of income on 01-09-2009 admitting income of Rs. 91,720/-. As against the said return of income, the assessment was completed by the ACIT, Circle- 6(1), Hyderabad vide order dt. 30-11-2009 u/s. 143(3) r.w.s. 147 of the Act at a total income of Rs.2093486/- mainly adding Rs.1961766/- on account of addition due to difference in opening balance of capital account filed during the course of assessment proceedings.
Beside, the assessee claimed the deduction under section 80U of Rs. 40,000/- for physical disability and submitted a certificate issued by the civil surgeon, Gandhi Hospital in support of the claim which was also disallowed.
Being aggrieved by this addition, the assessee filed an appeal before the CIT(A), who vide order dt. 30-09-2010, dismissed the appeal on the ground that the assessee failed to substantiate the opening balance of the capital for the year under consideration. Aggrieved, the assessee filed the appeal before Tribunal.
Contention of Assessee
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