Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2011 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (9) TMI 848 - AT - Income TaxTaxability in assessment year - Held that:- The statement given by Mr. Taurani has no evidentiary value due to so many contradictions and cannot be accepted as a valid proof especially in the absence of any corroborative evidence. Further, when Mr. Taurani has stated that the amount has been paid in the year 1996 or 1999 and when the Department has no evidence that the money has not been received in the year 1996, there is no basis to conclude that the amount has been received in the year 1999. In this regard, we find force in the submission of learned counsel for the assessee that since the assessment year prior to 1999-2000 had become time barred, therefore, this is the only reason for the Revenue to contend that the payment in question was made during the previous year relevant to the assessment year 1999-2000. In view of the detailed reasons given above we hold that the amount cannot be taxed in the impugned assessment year. Since we have decided the issue on merit, the legal ground challenging the validity of the reassessment becomes academic in nature. In the result, appeal filed by the assessee is allowed.
|