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2014 (9) TMI 49 - HC - Income TaxInvocation of section 68 – amount received from stock of bullion treated as sum found credited in the books – Held that:- Section 68 applies where any sum is found credited in the books of an assessee and for which the assessee offers no explanation about the nature and source or where the explanation offered is not, in the opinion of the Assessing Officer, satisfactory - the sum credited may be charged to income-tax as the income of the assessee for the previous year - there has been no attempt on the part of the Tribunal to determine as to whether section 68 could have been invoked – the AO had made it abundantly clear that he was invoking the provisions of section 68 by adding the entire sale proceeds as income of the assessee - it is primarily for the Tribunal to consider as to whether the invoking of section 68 was in order – thus, it would be appropriate to restore the proceedings for a fresh consideration – Decided in favour of Assessee.
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