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2013 (5) TMI 748 - AT - Income TaxJurisdiction power u/s 263 by CIT(A) - as per CIT AO should have excluded the income on account of unaccounted advances from the books profit for the purpose of computing allowable deduction u/s 40(b)(v) - Held that:- It is an undisputed fact that during the course of assessment proceedings, on the basis of the documents seized during the course of survey, addition on account of unaccounted advances was made by the Assessing Officer. In his order the AO has also noted that the assessee had advanced loan out of his unaccounted income which were not reflected in his regular books and which were received by cash. Before us, the A.R. has not brought any material on record to prove that the Assessing officer has examined the issue as to taxing the same under business income or under any other head. The decision relied by the A.R. is distinguishable on facts and cannot be applied to the facts of the present case. Thus CIT while setting aside the assessment has distinguished the decisions relied by Assessee and has given reasons for considering the order of A.O. to be erroneous and prejudicial to the interest of Revenue. Thus no reason to interfere with the order of the CIT (A) and therefore, dismiss appeal of Assessee.
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