Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (2) TMI 79 - AT - Income TaxNature of income - Cash deposit - income was declared in the return in response to notice u/s 147/148 - addition u/s 68 AND unexplained investment u/s 69 - Assessee filled return pursuant to notice u/s 148 and suo motu offered additional income - HELD THAT:- The assessee earlier filed revised return, which was declared as non est. Thereafter, the assessee again filed a return pursuant to notice u/s 148 and suo motu offered additional income. Once the income was offered in the return, the same could not have been treated as cash credit u/s 68 or unexplained investment u/s 69 - The position would have been different if the assessee had not offered additional income in his return and the AO had made the addition. That case would have justified roping in of sections 68 or 69 etc. Since the assessee admittedly offered the income in his return pursuant to notice u/s 148 of the Act, which has been accepted by the AO as such, in my considered opinion, the ld. CIT(A) was not justified in countenancing the action of AO in treating additional income as unexplained cash credit or unexplained investment attracting sections 68 or 69 of the Act and consequently charging higher rate of taxation. Therefore, set aside the impugned order and order to delete the addition. - Decided in favour of assessee.
|