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2017 (1) TMI 241 - HC - Wealth-taxAdditions made in the net wealth of the assessee on account of undisclosed credit balance in the books of the firm M/s Salas S.A. Of Geneva and on the basis of information supplied by Mr. John Ashlyn of M/s Salas S.A. Geneva - ITAT deleted the addition - Held that:- Additions were made in income-tax assessments as well as wealth-tax assessments of some connected assessees of this group on the basis of the statement of Mr. John Ashlyn. Several orders have been passed by the Tribunal in such cases deleting the additions so made. It is found that the ld. Commissioner of Income-tax (Appeals) also overturned the action of the Assessing Officer on the basis of the Tribunal order in assessee's own case. In view of these facts, we are satisfied that the decision of the first appellate authority, being based on the Tribunal's orders, does not warrant any interference. Respectfully following the precedents, we uphold the impugned orders as announced in the open court.
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