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2014 (5) TMI 374 - HC - Income TaxValidity of revision u/s 263 of the Act – Existence of a Bank Account not disclosed - Held that:- Whether it is the assessee who is right or whether it is the version of the Commissioner of Income Tax which is correct, It will be for the AO to decide whether the amounts which have been credited and debited in Bank Account No.30044789261 of SBI are reflected in the books of account or not - If they are reflected in the books of account then the only non-disclosure is about the final amount lying in the bank account in the return - the transactions of the bank account are not reflected in the books of account then the order of the CIT would be right and all the transactions in the bank account which were not reflected in the books of account would have to be treated as undisclosed income - the AO while looking into the issue as to where the credits have come from and where the debits have gone, shall also look into the issue as to whether these credits and debits have been reflected in the books of account of the assessee which were produced before him – the matter is remitted back to the AO for adjudication - Decided in favour of Assessee.
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