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2016 (3) TMI 420 - AT - Income TaxAddition to the undisclosed return income - addition made on the basis of GP rate and peak credit - Held that:- We find that the AO was not justified to make the addition of ₹ 65,78,933/- in addition to the undisclosed return income of ₹ 21,36,111/- which was filed by the assessee during the course of block proceedings and as such the AO has ignored the block return income of ₹ 21,36,111/- which is the part of the total undisclosed income of the assessee of ₹ 65,78,933/-. It is apparent that the total undisclosed income as per the order of the Ld.CIT(A) and the Tribunal is ₹ 65,78,933/- which included the undisclosed block return income of ₹ 21,36,111/- and as such the AO should only assess the total income of ₹ 65,78,933/- only. We find considerable cogency in the Ld. CIT(A) order wherein the observed that the Assessee has stated that that the AO has made double addition of ₹ 21,36,111/- which has already been offered by the assessee in the block return income and accordingly, the Ld. CIT(A) has rightly directed the AO to assess the total undisclosed income of ₹ 65,78,933/- only (Rs. 6,76,393/- + ₹ 59,02,540/-) after the order of the Tribunal and as such the appeal of the assesse was rightly allowed. Keeping in view of the facts and circumstances of the case, we do find any infirmity in the order of the Ld. CIT(A), which in our opinion, does not need any interference - Decided against revenue Penalty order u/s. 158BFA(2) - Held that:- AO has levied the penalty on the estimated income and as such there is no proper justification for the levy of penalty on the estimated, hence, the Ld. CIT(A) has rightly cancelled the penalty, which in our considered opinion does not need any interference on our part, hence, we uphold the order of the Ld. CIT(A) on this issue on which he cancelled the penalty in dispute and dismiss the ground raised by the Revenue - Decided against revenue
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