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2014 (12) TMI 105 - BOMBAY HIGH COURTEstimation of income - Telescopic benefit not considered – Books of accounts not maintained - Whether the investment in assets and expenditure had been incurred out of disclosure made after search operation - Held that:- When both the receipts and withdrawals from the Bank Account have been taxed the Tribunal found that this is a case of double taxation and which could not have been permitted in the given facts and circumstances - the Assessee approached the CIT(A) and though it raised several grounds including liability of M/s. Sonal Fin. Cap. Pvt. Ltd. and addition of on account of unexplained stock these were not pressed and withdrawn - the balance sum and in relation to which the claim for telescopic has been examined reveals that there is no substance in the contention of Mr. Ahuja that without any application of mind or materials the claim of telescopic benefit has been allowed. The Tribunal has extensively referred to the AO’s order and the exercise carried out by him - with regard to expenses relating to service apartment at Hotel Hilton a similar exercise is carried out and the assessee's contentions have been accepted - with regard to expenditure on household items that aspect also has been considered and the Tribunal concluded that the declaration of income is more than sufficient to take care of the expenditure - every single item or addition has been considered and with extensive reference to the findings of the Assessing Officer and that of the Commissioner - The finding of double taxation has been rendered after examining the matter in details namely, scrutiny of the bank accounts - either the inflows have been explained with evidence and then the question of taxing the withdrawals will not arise or because there is no evidence, the taxing of the deposits in the bank was justified – Decided against revenue.
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