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2013 (10) TMI 369 - HC - Income TaxNature, Source and genuineness of income - As per AO assessee failed to prove the source and genuineness of income hence taxed the same as undisclosed income u/s 68 - Labour income – business of giving machinery for labour work - Held that:- it is not as if the amount is found to have been only credited in the books of the assessee maintained for the relevant previous year but the assessee has shown the same to be income from business for the assessment year in question - Question of invoking the provisions of section 68 would not arise at all. Section 68 of the Act does not permit changing of head of income already disclosed. Assessee was exploiting his land and machinery by putting the same to use for making chips from boulders. That the labour income had been derived by exploitation of the commercial asset of the assessee and as such is a business income – Decided against the Revenue.
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