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2009 (11) TMI 589 - PUNJAB AND HARYANA HIGH COURTAddition - Under section 68 - Unexplained credit entries may or may not have nexus with the trading results, as assessed. The Commissioner of Income-tax (Appeals) deleted the additions in respect of trading results after giving the benefit of telescoping - It will, thus, be a question of fact in each case whether addition on account of unexplained credit entries was justified, in spite of addition made to the declared trading results - The judgment relied upon by learned counsel for the assessee is on a different fact situation and cannot be read as laying down any norm of universal application that once addition was made in the trading results, no addition could ever be made on account of unexplained credit entries - The appeal is dismissed.
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