Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (11) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (11) TMI 558 - HC - Income TaxInterpretation of section 153C and 158BD – Held that:- The Tribunal was rightly of the view that the conclusions of the CIT (A) on the issue with regard to the AYs which can be subjected to proceedings u/s. 153C of the Act as well as the conclusions with regard to the validity of the additions - both in the statement of Shri Shailesh Vora as well the seized document, the reference was to the period prior to AY 98-99 - The seized document itself contains such a noting - As per the terms of the Agreement with J.P. Corporation, the Assessee had to settle all the advances received by it from the prospective purchasers of flats - Thus the receipts cannot be considered as income - the sums which as per the noting in the seized document, related to Financial Years 1998- 99 and earlier period, could not be treated as income of any of the AYs. 2001-02 to 07-08 – the order of the Tribunal is upheld – Decided against revenue.
|