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2012 (8) TMI 616 - AT - Income TaxUnexplained Cash credit – Held that:- Amounts are taxed under the provisions of Chapter VI for the reason that their nature and source are not known - what is taxed under the specific provisions of Chapter VI cannot be pegged to any of the sources/heads of income as specified in Chapter IV - unexplained cash credits have to be brought to tax under section 68 and not under section 56 Set off of loss from business against the income being unexplained cash credits u/s 68 – Held that:- Income assessable u/s 68 cannot be assessed under any particular head of income including income from other sources u/s 56 - business loss assessed by the AO cannot be set off against the amount taxed u/s 68 as unexplained cash credits taxed under section 68 cannot be pegged to any head of income - appeal filed by the department is allowed.
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