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2014 (7) TMI 295 - ITAT MUMBAINature of additions made u/s 68 - Business income or income from other sources – Unexplained income - Held that:- The applicability of section 68 is on account of the assessee’s inability to substantiate the same as having been derived or realized by the assessee in the course of its business - the contention that the income, though brought to tax u/s. 68, is assessable as business income, is contrary to the facts & circumstances of the case - both the nature and source of the credit/s are unexplained - the only head of income under which the income is liable to be considered for assessment is the residuary head, i.e., income from other sources - Revenue while assessing an income u/s 68 is under no further obligation to exhibit the source – Relying upon CIT vs. Manick Sons [1969 (2) TMI 14 - SUPREME Court] - even the assessment of the income brought to tax u/s 68, as business income u/s 28, would be of no consequence inasmuch as it would stand to be assessed for the current year - the value of the work-in-progress as at the year-end shall stand to be increased by the income - thus, the invocation of section 68 is confirmed in relation to the credit/s, assessing them under the residuary head of income, i.e., ‘income from other sources’ – Decided against Assessee.
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