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2006 (8) TMI 127 - HC - Income TaxTransaction reflected in the seized register – undisclosed income - "Whether, Tribunal in regard to the transaction reflected in the seized register marked as SD-71, the Tribunal has committed an error in not assessing the profit of the assessee on the said transaction?" – held that the entire amount of the business of the assessee (respondent) i.e., Rs. 2,82,72,555 for the year 1991-92 cannot certainly be considered as income of the assessee for the assessment year 1991-92 and also that there is absolutely no basis for coming to the finding by the learned Tribunal that the sum of Rs. 50,000 shall be taken as the net profit from the undisclosed transaction, i.e., Rs. 2,82,72,555 for the assessment year, 1991-92. – held that that it will be proper and justified to remit back the case to the Assessing Officer (AO) for fresh adjudication of what would be the net income out of the entire amount of Rs. 2,82,72,555 and also the amount of tax payable by the respondent/assessee for the assessment year 1991-92 after ascertaining the amount of income and net profit for the assessment year 1991-92.
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