Held that the amounts carried over from previous year cannot be assessed as undisclosed income of the current year. As reagrds new loans the assessee failed to establish credit worthiness hence the addition is affirmed. As regards unabated assessment in respect of purchase and sale of land, addition can not be made merely on the basis of annual information return.(AY.2011-12, 2012-13, 2014-15, 2017-18)
Dy. CIT v. Nagin A. Vaghela (2024)116 ITR 25 (SN)(Ahd)(Trib)
S. 153A : Assessment-Search-Unsecured Loans-Unexplained income-Penalty-Amounts carried over from previous year cannot be assessed as undisclosed income of the current year-New loans-Failure to establish credit worthiness-Addition is affirmed-Unabated assessment-Purchase and sale of land-No addition can be made merely on the basis of annual information return. [S.68, 132, 271(1)(c), 276C]