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2022 (4) TMI 237 - AT - Income TaxValidity of reassessment u/s 147 - credit balance in assessee’s bank account - HELD THAT:- As per the assessee, this amount was out of maturity of fixed deposit. This explanation of the assessee was accepted by the AO in the assessment order - on further inquiry, AO found that the assessee had incurred expense in cash on account of salary paid, however, no proof was furnished. Admittedly, in this case, no addition was made on the issue qua the assessment was re-opened. The assessee has relied upon the judgement in the case of Pr.CIT vs Lark Chemicals Pvt. Ltd. [2018 (10) TMI 382 - SC ORDER].Hon’ble Supreme Court dismissed the SLP filed by the Revenue. Therefore, the decision of the Division Bench of the Tribunal rendered in the case of Lark Chemicals Pvt. Ltd. vs CIT [2015 (2) TMI 1334 - ITAT MUMBAI] attained the finality. Assessing Officer is hereby directed to delete this addition. Thus, grounds raised by the assessee are allowed.
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