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2012 (8) TMI 429 - HC - Income TaxSetting aside of order of CIT passed u/s 263 making addition u/s 68 - alleged concealment of income detected during raid conducted - assessee explained the surrender of the income which he has subsequently retracted - Held that:- Tribunal has considered the relevant principles of law in interfering with the order of CIT. The Tribunal found that the assessee-respondent had sufficiently explained the retraction of his statement given on 12.12.1994. It also found that the CIT could not point out as to whether the AO had failed to work out the amount of concealed income correctly. The AO had made additions on estimate basis for all the assessment years. There was no material indicating suppression of receipts. Hence, Tribunal has not committed any error of law in setting aside the order of CIT passed u/s 263 - Decided against Revenue
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