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2024 (1) TMI 1198 - DELHI HIGH COURTAddition on the basis of seized documents found during the course of the search - unaccounted transaction/Purchases - ITAT instructed to restore the issue to the file of the AO with a direction to obtain information from the parties regarding transactions carried on by the assessee during the above 2 years - HELD THAT:- It is thus manifest that since the exercise of assessment was not confined merely to the material gathered in the course of a search but was kept open to be examined with reference to all transactions in the Assessment Years in question, we find no ground to entertain the instant appeals on Question A. Estimation of income - bogus purchases - ITAT has essentially held that since the books of account had not been rejected it would not be open for the Assessing Officer to undertake an assessment of income - Appellant invited our attention to the following observations as appearing in the decision rendered in Unit Construction Co. Ltd. vs Joint Commissioner of Income-Tax [2003 (1) TMI 85 - CALCUTTA HIGH COURT] to contend that it is not necessary for the Assessing Officer to reject the book of accounts in order to assess income on a best judgment basis - HELD THAT:- In order to enable learned counsels to examine whether this issue stands concluded by a decision rendered by this Court, let the appeals be re-notified on 13.02.2024.
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