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2021 (2) TMI 755 - HC - Income TaxTelescoping benefit to unexplained investment - telescoping of expenses to be allowed against income declared - benefit of matching principle - As assessee while inviting attention of this Court to the judgment of the Supreme Court in ‘J.K. Industries Limited and Another Vs. Union of India and Others [2007 (11) TMI 401 - SUPREME COURT] submitted that the assessee is entitled to the benefit of matching principle. HELD THAT:- In view of the law laid down by the Supreme Court in J.K. Industries Limited (supra) and in view of the aforesaid decision, the assessee is entitled to take a plea with regard to the matching principle and since the assessee has not been heard on the aforesaid issue, we deem it appropriate to quash the order passed by the Tribunal in so far as it pertains to the appeal preferred by the revenue and remit the matter to the Tribunal to decide the same afresh after affording an opportunity to all the parties on the aforesaid issue. Needless to state that it will be open for the parties to raise all the contentions which are admissible in law to them. Therefore, it is not necessary for us to answer the substantial questions of law.
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