9911796707
TMI Blog2015 (12) TMI 1226X X X X Extracts X X X X X X X X Extracts X X X X ..... e 8 of the Income-tax (Appellate Tribunal) Rules, 1963. They are descriptive and argumentative in nature. In brief the grievance of the assessee is that the learned Assessing Officer failed to carry out the directions given by the Tribunal while setting aside the assessment order, he made the additions again without any supporting documents found at the time of search. It is also pleaded that the assessee was entitled to claim telescopic benefit of the shares of profit he received from the firm which had also suffered tax and such amount ought to be set off against various additions made by the Assessing Officer in the impugned assessment order. 2. Before adverting to the specific grievance of the assessee raised in number of grounds of ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irections to make it afresh after giving an opportunity of hearing to the assessee and making the material avail able which is to be utilised against the assessee. In view of these facts and circumstances, we find merit in the arguments. the Assessing Officer to frame afresh after giving the assessee adequate opportunity of being heard and considering material, submissions and contentions of the assessee and by passing appropriate speaking orders." 4. The learned Assessing Officer had issued a notice under section 143(2) read with section 158BC on August 7, 2007 under the set aside proceedings and thereafter framed the assessment order on December 26, 2007. The computation of income determined by the Assessing Officer reads as under: Comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... closed bank account 2,00,000 House hold expenses 1,10,000 Visit of relatives from foreign country 2,50,000 Unaccounted deposits in NRE account 2,77,374 8,37,374 Less : Set off as discussed above Nil 8,37,374 Assessment year 1996-97 Undisclosed bank accounts 78,740 House hold expenses 60,000 Unaccounted cash 60,000 Unexplained expense on paints 25,000 Unexplained investments in IVPs 82,500 Investments in Jai Mata Bhavani society 26,100 Deposit in the name of various employees 10,85,000 Expenses on the visit of relatives from foreign countries 2,50,000 Undisclosed investments in FDRs 9,3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been made, the assessee will be satisfied if telescopic benefit of the additions were given equal to the amount available to the assessee from the partnership firms. 6. The learned Departmental representative relied on the assessment order. He submitted that the assessee failed to give proper details before the Assessing Officer. 7. We have duly considered the rival contentions and gone through the material available on records. We find that the assessee has raised the plea before the Assessing Officer who has noted on page 22 of the impugned order. The observations of the Assessing Officer read as under : "It has been emphasised by the assessee that he shall not be subjected to double taxation on the disclosed amount in view of the clea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and, investment on foreign travel are being made and the source of such expenditure is stated to be flowing from the firm which has suffered tax as undisclosed income, then, telescopic benefit should be given to the total amount. In view of the above discussion, we remit this issue back to the file of the Assessing Officer with a limited purpose that the learned Assessing Officer would ascertain the share of profit coming to the assessee from the 9 partnership firms to the extent of Rs. 63,57,387. The learned Assessing Officer shall give telescopic benefit of this amount against various additions made by him in the assessment order. 9. With regard to the additions made on account of unexplained deposits in the bank account is concerned, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ddition has to be made. The learned Commissioner of Income-tax, Departmental representative drew our attention towards para 12 at page 10 of the assessment order and contended that the assessee has failed miserably to produce any evidence explaining that the fixed deposits belonged to his sister. According to him, if the assessee fails to submit any evidence then there is no option left to the Assessing Officer except to make the addition in the name of the assessee. 10. We have on duly considering the rival contentions and gone through the facts and material on record, we find that the Tribunal has set aside the first assessment order vide order dated January 2, 2006. The learned Assessing Officer has started investigation on August 9, 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
