Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (8) TMI 171 - AT - Income TaxAddition on surrendered income - not satisfactorily explained the nature and source of the surrendered income - business income v/s deemed income - Held that:- As the present case are identical to that in Gaurish Steels Pvt. Ltd. (2015 (11) TMI 631 - ITAT CHANDIGARH) the surrender having been made by the assessee on account of investment made in the build-operate-transfer project which was the business of the assessee, the decision rendered by the Income-tax Appellate Tribunal in the said case will squarely apply in the present case, following which we hold that the income surrendered by the assessee of ₹ 1.75 crores is assessable under the head "Income from business and profession. - Decided in favour of assessee Set off of brought forward losses and depreciation - Held that:- As find that the business losses and depreciation losses, which the assessee had sought to set off against its surrendered income have never been questioned by the Assessing Officer. We are in agreement with the learned counsel for the assessee that by raising this issue before us the learned Departmental representative is only attempting to enlarge the scope of assessment by raising an issue not dealt with by the Assessing Officer which is not permissible at the stage. Thus we reject the above contention of the learned Departmental representative. Thus we hold that the surrendered income of the assessee amounting to ₹ 1.75 crores is assessable under the head "income from business and profession" and the set off of business losses and depreciation is accordingly allowed against the same. - Decided in favour of assessee
|