2009 (7) TMI 52

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..... is of loose slips without substantiating that the assessee has actually made the sales to that extent of estimation made by the AO and having no iota of evidence in the form of sale bills or bank account or movable and immovable property which represent earning of unaccounted income by the assessee - No doubt, a false explanation of assessee may be a circumstance to be taken into account for recor .....

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..... stions of law:- (i) "Whether on the facts and in the circumstances of the case the ITAT was right in law in setting aside the appeal of the assessee to the file of the AO for limited purpose for considering the wages recorded in the loose slips and not to make addition on the basis of estimation of sales?" (ii)"Whether on the facts and in the circumstances of the case, the ITAT was right in law .....

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..... pendency of assessment proceedings, a survey was conducted by the Department under Section 133A of the Act on 27.9.2005 in the premises of the assessee and certain incriminating documents were found including a 'Slip Pad' containing payment of wages to various persons. The slips were written by Manoj Jain, an employee of the Assessee, who was confronted with the slips, apart from questioning of th .....

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..... ese loose slips. In our opinion, the AO is not justified in estimating the sales on the basis of loose slips without substantiating that the assessee has actually made the sales to that extent of estimation made by the AO and having no iota of evidence in the form of sale bills or bank account or movable and immovable property which represent earning of unaccounted income by the assessee. As such, .....

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..... each case as to what is to be fair estimate of undisclosed income. The CIT(A) as well as the Tribunal held that in the circumstances, the estimate of addition, to the extent assessed by the Assessing Officer, was not called for and the same was partly liable to be set aside. 6. It cannot be held that any substantial question of law arises for consideration. 7. The appeal is dismissed.
Case l .....

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