Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2013 (5) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (5) TMI 683 - HC - Income TaxRe opening of assessment - receipt of remittances of foreign exchange, thus assessee claimed immunity that he is not bound to disclose the name of the person who remitted the amounts - ITAT allowed the immunity by deleting the addition made by on account of unexplained cash credit in the assessee's bank account - Held that:- A reading of clause (C) of section 3(1) of the Act leaves no room for doubt that the fact that the recipient has received a remittance shall not be taken into account and shall be inadmissible in evidence in any proceedings relating to any offence or the imposition of any penalty under any such law. Such remittance has been made inadmissible in evidence in any proceeding it shows the intention of legislature to provide the complete immunity to the recipient from inquiry. The Central Board of Direct Taxes has also issued a circular no.611 dated 30th September, 1991 prefaced with the remark that the identity of the NRI/OCB would not be required to be disclosed at all, and, in fact, must not be disclosed.Thus immunity granted by ITAT was absolute - in favour of assessee.
|