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2010 (7) TMI 651 - ITAT, COCHINResidential status - assessee was a ‘Resident’ as he satisfies one of the conditions for arriving the status of the assessee for this assessment year under appeal - it clearly showed that the emigration entries specify the assessee as a “tourism visa” and “short visit” with an endorsement “not valid for employment - Thus, on this issue Revenue succeeds Regarding unexplained deposit - there was a difference in the statement given earlier and subsequently - assessee has explained the source, identity and capacity of the donor for remitting the amounts and also convincing explanation has been furnished regarding the nature and source with supporting evidences and therefore assessment u/s. 68 is incorrect and unwarranted and therefore deserves to be deleted If the Department wants to probe further there must be some material to be with the Department to brush aside the well founded explanation offered by the assessee - In the result, appeal of the Revenue and the Cross Objection of the assessee are partly allowed
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