Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2016 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (9) TMI 66 - HC - Income TaxAddition on account of unexplained credit to the capital account of the assessee - Held that:- The sources of receipts are reasonably explained by the assessee. There is no dispute that the money was received, through banking channels, from Dubai and even the source of funds in Dubai has been explained and stands accepted. There is no basis for seeking to tax the same income again in the hands of the assessee. Under these circumstances, we are not inclined to disturb very well reasoned conclusions arrived at by the learned CIT (A) and ITAT. No specific infirmities have been pointed out in the reasoning and analysis of learned CIT(A). Learned Departmental Representative seeks an opportunity to examine all these factors, and, for that purpose prays for restoration of matter to the file of the assessing officer. It can thus be seen that concurrently the CIT (Appeals) and the Tribunal came to the conclusion that the amount in question was already taxed before the Settlement Commission in the declarations made by the group companies. We see no reason to interfere - Decided against revenue
|