Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2023 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (12) TMI 1187 - DELHI HIGH COURTCIT(A) admitting additional evidence and deleted addition - Best judgment assessment - addition were made u/s 69B based on unexplained investment in time deposits - CIT(A) carried out an inquiry in the matter by exercising his powers under Section 250(4) of the Act and evidence was sought with regard to remittances made to the NRE Account maintained with the Canara Bank - Tribunal dismissed the appeal preferred by the appellant/revenue and CIT(A) had exercised his powers u/s 250(4) of the Act which was co-equal to that of the AO. It also took note of the fact that notice was issued to the concerned branch of Canara Bank under Section 133(6) of the Act and it was only after information was received from Canara Bank and material evidence furnished by assessee, that the addition was deleted HELD THAT:- According to us, the Tribunal has reached the correct conclusion. Appellant cannot but accept that the CIT(A) has co-equal powers as that of the AO. The enquiry carried out by the CIT(A) revealed a grave factual error committed by the AO, in noting the figure with regard to the time deposits. In our opinion, since the CIT(A) has returned a finding of fact with regard to the source of funds that were found deposited in the period in issue, i.e., Rs. 9.50 crores, no interference is called for as these findings have been affirmed by the Tribunal as well. Thus, according to us, no substantial question of law arises for our consideration. No substantial question of law arises for our consideration.
|