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2023 (3) TMI 505 - AT - Income TaxUnexplained cash deposits during the demonetization period - HELD THAT:- The availability of cash and receivables with the assessee over a period of time is a fact not in dispute - As relying on the case of Ashish Plastic Industries [2015 (4) TMI 16 - SUPREME COURT] facts are identical as the issue for consideration is that it would amount to double taxation as the assessee herein has already paid due taxes on it. We find that the position of fact as appreciated in as much as that the receivables have already been subjected to tax is not in dispute. Accordingly, in these peculiar facts, we find no good reason to interfere with the impugned order. We further find support from the decision of the Apex Court wherein in the case of Ashish Plastic Industries (supra), the issue was remanded back to consider whether the assessee was able to prove that tax on the income generated from the sale of material had been paid to that extent, the Court held that the benefit should be extended to the assessee. - Decided against revenue.
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