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2008 (9) TMI 526 - KARNATAKA HIGH COURTIncome from undisclosed sources - The Assessing Authority, held that the assessee had failed to prove the transaction of sale to M for an amount of Rs. 4,08,080 and sale of diamonds for Rs. 4,21,250 to S. having regard to the statement recorded by him and after considering the contentions of the assessee, the assessing officer also held that sale proceeds as income and charged the entire credit of Rs. 4,08,080 and Rs. 4,21,250 as income from other sources u/s 68. Declaration was given to the amount that was declared under the declaration filed under the Scheme, 1997, towards gold jewellary and diamond. Tribunal and Commissioner (Appeals) confirm this view. Held that - however the real question that was required to be decided by the first appellate authority and the assessing authority was as to whether the subject matter of the sale transaction was in respect of the goods that were the subject matter of the declaration filed under the 1997 Scheme which declaration was accepted by revenue. There was no specific finding on this material fact, which would decide the contention of the assessee or the revenue. The addition to income was not justified.
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