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2014 (11) TMI 1244 - HC - Income TaxAddition being the amount credited to the capital account of the assessee - ITAT deleted the addition - HELD THAT:- Tribunal has rendered the decision after examining the books of accounts and other related documents. Therefore, there is no scope for any perversity. Addition under the head unexplained cash credit - ITAT deleted the addition - HELD THAT:- The correct position of law has been followed by the learned Tribunal. The genuineness of the deposits cannot be gone into in the block assessment proceedings and it could have been gone into in the regular assessment proceedings because in the block assessment, only the books of accounts are to be examined and upon examination of books of accounts, if the transaction appears to be in consonance with the facts, then genuineness cannot be gone into. Therefore, the learned Tribunal has correctly upheld the decision of the CIT (Appeals). Credits or deposits were reflected in the regular returns of income filed by the assessee prior to the date of search - This income could not be questioned in the block assessment and it could be done only in the regular assessment. The correct position of law has been applied. We, therefore, do not find any element of law for consideration and decision of this Court.
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