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2017 (1) TMI 1250 - ITAT DELHIUnaccounted cash found during the course of search - addition on the amount of peak credit - Held that:- Undisclosed income of ₹ 50 lacs warrants telescoping, which explains the source of cash and jewellery found as a result of search. The Hon’ble Supreme Court in the case of Anantharam Veerasinghaiah & Co. Versus CIT [1980 (4) TMI 2 - SUPREME Court] has approved the concept of telescoping. The Revenue has not been able to prove that undisclosed has been invested in investment other than cash and jewellery. Therefore, having regard to the settled proposition of law and in absence of any material placed on record by the Learned CIT(DR) to rebut the factual findings recorded by the learned Commissioner of Income Tax (Appeals), we reject the grounds of appeal of revenue
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