Held that since it was apparent from affidavit of assessee’s father that he sold ancestral gold for Rs. 5. 60 lacs and handed over money to assessee and other amount of Rs. 1,03,000 was taken by assessee from small savings of his minor children, addition made under section 68 is not justified. Tribunal also held that the assessee filed original return declaring income at Rs. 1. 52 lacs and subsequently he filed revised return declaring income at Rs. 4. 91 lacs, since assessee had submitted account books, etc. and Assessing Officer did not reject them, addition made under section on account of difference in original return and revised return was not according to provision of law. (AY. 2014-15)
Leave a Reply