Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2011 (3) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (3) TMI 1430 - HC - Income TaxWhether the appellate tribunal is right in law and on facts in holding that since amount has been taxed in the regular assessment made under section 143(3) it should not be taxed on protective basis in the block assessment – Held that:- Tribunal has deleted the addition which had been made on a protective basis only on the ground that the said amount had been added in the regular assessment under section 143(3) for the assessment year 1993-94. It is an admitted position that against the regular assessment order made under section 143(3), the assessee had preferred appeal. In the circumstances, the Tribunal was not justified in setting aside the addition made on a protective basis without ascertaining the outcome of the addition which was made on a substantive basis Whether the appellate tribunal is right in law in holding that to the entries in the books of account of the assessee, provisions of section 68 are not attracted – Held that:- Tribunal had erred in not appreciating that the entries were self-serving entries purporting to explain the source of cash credit and could not have been treated as explained, Tribunal has not recorded any factual findings and has accepted the claim of the assessee merely on the basis of the entries in the bank accounts of the parties, maintained by the Indian Bank. This Court is of the view that without recording any findings of fact in connection with the said issue, the Tribunal was not justified in deleting the addition made under section 68 of the Act
|