2003 (2) TMI 11 - HC - Income Tax

Income from Undisclosed Sources - only contention raised is that the Tribunal has committed error in deleting an addition of Rs. 5,00,000 on account of cars held by the assessee in the name of other parties - Tribunal has found that the Department has failed to produce any evidence that the subject vehicles were owned and possessed by the assessee, except the fact, that the names of the vehicles were written on the back page - On such material, it cannot be concluded that the vehicles were held benami by the assessee - In the instant case, it is not the case of the Revenue that the vehicles were found in the possession of the assessee. - No substantial question of law arises from the order of the Tribunal. The appeal is rejected.

Summary

The High Court of Rajasthan upheld the Tribunal's decision to delete an addition of Rs. 5,00,000 on account of cars held by the assessee in the name of other parties. The Tribunal found that the Department failed to provide evidence that the vehicles were owned by the assessee. The Court rejected the appeal, stating no substantial question of law arose from the Tribunal's order. (Case citation: 2003 (2) TMI 11 - Rajasthan High Court)