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2017 (3) TMI 683 - AT - Income TaxAddition u/s 68 - cash deposit into the bank accounts - surrender of income u/s 44AD by filing revised computation of income - The assessee offered 5% of the sale proceeds deposited in the bank account - assessment u/s.153A r.w.s. 143(3), post search - Held that:- We find that the entire credit has been added by the learned Assessing Officer u/s.68 of the Act. Though, the learned CIT(A) has granted some part relief to the assessee, but fact remains that the payments have been made by the assessee to certain textile parties, therefore, the facts has not been appreciated in a justified manner, consequently, to put an end to the litigation, we are of the view that it will meet the ends of justice if the total addition is restricted to 25% of the cash deposited by the assessee in his bank account. It is worth mentioning here that the assessee has agreed to the above conclusion / addition. Thus, the appeals of the assessee are partly allowed.
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