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2012 (7) TMI 1110 - HC - Income TaxUnexplained Cash Credits u/s 68 - The assessee claimed benefits u/s 80HHC for export sale. The AO declared those sales as bogus and therefore, denied such benefits - HELD THAT- Decision made by the tribunal is upheld, where it was observed that when the assessee had already offered sales realisation and such income is accepted by the AO to be the income of the assessee, addition of the same amount once again u/s 68 would tantamount to double taxation of the same income. CIT not only deleted addition u/s 68, but also directed that the assessee shall be entitled to deduction u/s 80HHC for such disputed amount also. Tribunal didn't address that issue. However, assessee clarified that the assessee does not claim any deduction u/s 80HHC to the extent of such disputed amount. He further submitted that diminution of his eligibility for deduction u/s 80HHC would have no bearing on the assessee's ultimate tax liability. Thus, all tax appeal dismissed, subject to clarification given by Assessee - Decision in Favour of Assessee.
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