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2014 (1) TMI 1411 - HC - Income TaxMethod of working the peak credit - Held that:- During assessment proceedings, the assessee has explained the documents fully and also filed statement of working the peak credit in which no defect was pointed out – The admission of undisclosed income made by the assessee under section 132(4) is an important piece of evidence but the same is not conclusive and it is open to the assessee, who made the admission to show that it is incorrect and the same was made under a mistaken belief of facts or law - Peak of Rs.16,93,308/- is worked out in assessment year 2006-07, whereas, peak of Rs.61,742/- is worked out in assessment year 2006-07 – The Tribunal accordingly decided the matter - Decided against Revenue.
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