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2021 (12) TMI 502 - AT - Income TaxAddition u/s 68 - cash deposits in bank account - whether Assessee had failed to discharge its initial onus to prove the genuineness of source of cash deposited in the bank during the course of assessment proceedings? - HELD THAT:- In the present Assessment Year i.e. 2012-13, the Original return of income filed u/s 139(1) on 30.09.2012 declaring income of ₹ 5,10,548/-. The revised return was filed u/s 139(5) on 10.02.2013. The notice u/s 143(2)/148(1) was issued on 30.03.2013. Thus, the assessee filed its revised return of income prior to issuance of notice u/s 143(2) of the Act which is within the prescribed time limit as per Section 139(5). The assessee revised its return of income on 12 February 2013 declaring wherein the income which was not disclosed in the original return of income. Thus the total income was revised at ₹ 15,50,213/- declaring the additional commission income of ₹ 10,39,665. The assessment was not framed by the time assessee revised its return of income. Therefore, the revised return filed by the assessee is within the time allowed u/s 139 (5) of the Act. Neither the assessee nor the CIT (A) has held that the revised return filed by the assessee is not bona fide and is not on account of any error or omission in the return of income filed originally. Therefore, the revised return filed by the assessee has to be accepted which was done in earlier year i.e. A.Y. 2011-12. The Ld. DR could not point out any distinguishing facts. Therefore, the appeal of the Revenue is dismissed.
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