Case Law Details
Rakesh Natwarlal Thakkar Vs DCIT (ITAT Mumbai)
ITAT Mumbai held that addition towards unaccounted cash receipts on the basis of seized documents i.e. rough notes duly supported with corroborative evidence sustained.
Facts- The assessee was engaged in construction of real estate project namely “Aainaz Avenue” through his proprietary concern namely M/s SV Group Builders and Developers. The assessee was also running another proprietary concern namely M/s R.N. Traders, which was engaged in wholesale trading of food grain. For the year under consideration, the assessee filed return of income electronically on 23.01.2013 declaring total income at Rs.3,11,580/-. The return of income filed by the assessee was selected for scrutiny. AO observed that assessee was a part of ‘Thakkar Group” on which a search action u/s 132 of the Income-tax Act, 1961 was carried out on 22.02.2012. AO, on the basis of documents seized during the course of search concluded that assessee received unaccounted cash amounting to Rs.12,93,860/ -on sale of a flat. CIT(A) upheld the addition. Being aggrieved, the present appeal is filed.
Conclusion- Held that onus was on the assessee to produce a report from hand writing expert that said paper is not in his hand writing and provide name of the person who has written the said paper, but no such documentary evidences have been filed except this argument, hence same is rejected.
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