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2013 (4) TMI 454 - BOMBAY HIGH COURTRevision U/s 263 - The amount withdrawn from the bank claimed as refund to its client was found to be bogus - Tribunal held that the exercise of jurisdiction by the Commissioner of Income Tax was not proper - Held that:- Tribunal held that though it is an undisputed fact that amounts were withdrawn from bank, the Respondent-Assessee had claimed the withdrawal were for refund to its clients, yet in fact, these amounts withdrawn from the bank were not refunded to its clients. However, as these refunds were not claimed as an expenditure and/or reduced from its income to arrive at the taxable profits, addition of the same is not justified. As the decision of the Tribunal is on a finding of fact, we see no reason to entertain the proposed question of law for the subject Assessments Year 2000-01 and 2001-02 - Both the appeals are dismissed with no order as to costs.
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