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2010 (1) TMI 686 - AT - Income TaxCheques received from parties to secure advanced made to parties - Addition made on the basis of unencashed cheques - Unaccounted loans - AO says, the practice of taking cheques against supply orders is not convincing by its uncommon nature in this line of business. According to the AO, supply is made on 'credit basis' for a period ranging from 15 days to 2 months - Held that:- It is not in dispute that the cheques which were found in the course of search were cheques issued by various parties to whom advances were made in cash out of undisclosed income - Correct terminology has been used by the Tribunal in the brother's case and that is the amount which has not been recovered by the assessee is telescoped against the undisclosed income assessed on the basis of the same cheques - It is well established that on the same set of facts, a Co-ordinate Bench of the Tribunal cannot come to a diametrically opposite conclusion than arrived at in the earlier case - Decided in favor of assessee.
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