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2022 (9) TMI 1103 - HC - Income TaxAddition u/s 69 - addition of peak balance - relevant assessment year - ITAT deleted the addition holding that there is no loss to revenue as assessee has shown the said income for Assessment Year 2007-08 and paid taxes on such undisclosed income - HELD THAT:- This Court is of the view that even assuming that the statement of the assessee is paramount and sacrosanct, then also there is no denial by the revenue authorities that the assessee has honoured his statement and offered Rs.2,23,68,000/- in his return of income for the Assesment Year 2007–08 and has paid taxes thereon. The peak credit had been calculated by the tax authorities and at the behest of the tax authorities, the assessee had offered the amount calculated by them in his income for the Assessment Year 2007–08 and paid taxes thereon, which return of income has been accepted by the Revenue. Since the tax rate in both the Assessment Years i.e. 2006-07 and 2007-08 was same, this Court is of the view that if the present appeals are allowed and an amount is added to the assessee’s income in the assessment year 2006-07, it would amount to double taxation, inasmuch as, the said amount is admittedly a part of the amount offered to taxation in the assessment year 2007-08. The learned predecessor Division Bench in PCIT(Central) Vs. Krishan Kumar Modi [2021 (2) TMI 1182 - DELHI HIGH COURT] has held, “In our view of the aforesaid, the learned ITAT has rightly held that there could not be any dispute on the legal proposition that the very same amount cannot be taxed twice in the two assessment years”. The amount offered for by assessee for taxation is also not in dispute. The dispute has arisen only with respect to the relevant assessement year. However, the ITAT has held that the said amount was declared at the behest of the revenue and the calcualtion of the peak credit was also at the behest of the tax authorities. There is no challenge to the said finding of the ITAT in the grounds of appeal. No substantial question of law arises
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