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2011 (8) TMI 678 - HC - Income TaxProhibitory order under 132(3) - Order issued for the purpose of finding out whether any transaction made in bank accounts represents undisclosed income of the assessees - AO called for relevant record - Held That:- Revenue has not recorded any reason to conclude that any deposit/transaction in the bank accounts in question has not been passed through regular books of account and/or undisclosed income of the petitioners (wholly or partly) has been parked in the said accounts. - In view of Om Parkash Jindal v. Union of India (1975 -TMI - 39333 - Punjab AND Haryana High Court) and Sriram Jaiswal v. Union of India (1988 - TMI - 24516 - ALLAHABAD High Court), prohibitory order under section 132(3) of the Act issued in respect of bank accounts without forming any belief or without any material on record to conclude that the amount deposited in such bank accounts is either wholly or partly undisclosed income of the petitioner is not sustainable in law. - decided in favour of assessee.
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