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2011 (4) TMI 883 - HC - Income TaxReopening of assessment - Set off of suppressed sales with the excess stock detected at the time of survey - Held that:- Undisputedly in the previous two assessment years 1995-96 and 1996-97, there was reassessment and the undisclosed income of the assessee was disclosed and the assessee made payment of tax on those undisclosed incomes. Once such fact is established and is not in dispute, substance in the contention of assessee that while considering the assessment for the year 1997-98, it was the duty of the AO to consider the question of set-off on account of intangible additions made in the past against unexplained income of the assessee over which he paid tax. Set aside the order passed by the Tribunal and direct AO to give effect to the principle of set-off on account of intangible additions after considering the final reassessment of the previous two assessment years, viz., 1995-96 and 1996-97 - in favour of assessee.
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