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2014 (11) TMI 15 - HC - Income TaxScope of undisclosed income u/s 158BA and 158BB – Transactions not recorded in the books of accounts - Whether the Tribunal was correct in holding that the additions of unexplained investment in shares, bullion etc., do not constitute undisclosed income and it was not liable to be brought to tax as per section 158BB or not – Held that:- The undisclosed income of the block period shall be the undisclosed income as defined u/s 158BA, BB and other documents and such other materials or information as are available with the AO and relatable to such evidence - the computation of undisclosed income of the block period is to be determined - The Tribunal has not looked into Section 158 BB (1) of the Act in coming to its conclusion – thus, the matter is to be remitted back to the Tribunal for consideration in respect of the investments made in those four items – Decided in favour of revenue.
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