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2012 (11) TMI 397 - AT - Income TaxSharafi account - difference in account and disclosure made by the assessee during the search - CIT(A) deleted the addition - Held that:- No infirmity into the order of the CIT(A) as the relief has been granted on the basis of telescoping the income of A. Y. 1992-93 (on account of the excess of assets over liabilities as on 31-03-1992) confirmed by my predecessor against the income for A. Y. 1993-94 (on account of the excess of assets over liabilities as on 31.03-1993). The disclosure for both the years was made on the basis of balance sheets found during the course of search. There is nothing on record to show that the income disclosed and confirmed by my predecessor for A Y 1992-93 was invested elsewhere or spent by the appellant. In agreement with the observation of the CIT(A) that the same income cannot be taxed year after year. This observation of the CIT(A) is not controvered by the Revenue by placing any other evidence suggesting that the income was not earlier taxed. In this view of the matter, this ground of the Revenue’s appeal is dismissed - in favour of assessee.
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