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The Tax Publishers Dy. CIT v. Dunlop India Ltd. [ITA No. 709/Kol/2013, dt. 11-5-2016] : 2016 TaxPub(DT) 2542 (Kol-Trib) Addition under section 69 unexplained investments based on AIR *Facts:* Assessee company was imposed an addition under section 69 of Rs. 44 crores based on AIR information which pointed to property purchase. On investigation by Commissioner (Appeals) it was found that the assessee had availed loan from Deutsche bank on a collateral and the collateral happened to be mortgaged through an English mortgage which was registered under the Companies act, 1956. This registration was picked in the AIR from the registrars office. Thus there was no property added and no addition was warranted thus held by the Commissioner (Appeals). Aggrieved department went in appeal: Held in favour of the assessee that the addition based on AIR without proper finding requires no interference with the order of the Commissioner (Appeals).

The Tax Publishers

Dy. CIT v. Dunlop India Ltd. [ITA No. 709/Kol/2013, dt. 11-5-2016] : 2016 TaxPub(DT) 2542 (Kol-Trib)

Addition under section 69 unexplained investments based on AIR

Facts:

Assessee company was imposed an addition under section 69 of Rs. 44 crores based on AIR information which pointed to property purchase. On investigation by Commissioner (Appeals) it was found that the assessee had availed loan from Deutsche bank on a collateral and the collateral happened to be mortgaged through an English mortgage which was registered under the Companies act, 1956. This registration was picked in the AIR from the registrars office. Thus there was no property added and no addition was warranted thus held by the Commissioner (Appeals). Aggrieved department went in appeal:

Held in favour of the assessee that the addition based on AIR without proper finding requires no interference with the order of the Commissioner (Appeals).