TMI Blog2015 (12) TMI 1466X X X X Extracts X X X X X X X X Extracts X X X X ..... ples of telescoping does not give rise to a question of law. Under the circumstances, the impugned order passed by the Tribunal confirming the order of the Commissioner (Appeals) granting the benefit of telescoping to the assessee does not give rise to any question of law, much less, any substantial question warranting interference. - Decided against revenue. - TAX APPEAL NO. 403 of 2015 - - - Dated:- 13-10-2015 - MS. HARSHA DEVANI AND MR. A.G.URAIZEE, JJ. FOR THE APPELLANT : MRS MAUNA M BHATT, ADVOCATE FOR THE OPPONENT : MR B S SOPARKAR, ADVOCATE ORAL ORDER (PER: HONOURABLE MS.JUSTICE HARSHA DEVANI) 1 The appellant revenue in this appeal under section 260A of the Income Tax Act, 1961 (hereinafter referred to as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the Tribunal remanded the matter to the Assessing Officer for the purpose of examining the claim of the assessee. Pursuant thereto, the statement of Amratbhai Karsanbhai came to be recorded, wherein he categorically denied such transaction. It, however, appears that Nishidhbhai, son of Amratbhai Karsanbhai admitted having signed the promissory note as N.P. Desai as well as having received ₹ 50,00,000/- in relation to some sale transaction which did not fructify on account of which he had returned the amount to the assessee. The Assessing Officer held that the assessee was found in possession of the promissory note, which clearly indicates that a cash loan of ₹ 50,00,000/- has been given and, accordingly, held that the investme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t Number of such persons, under the circumstances, the Assessing Officer was wholly justified in making addition of the entire amount as undisclosed income of the assessee. It was, accordingly, urged that the appeal deserves to be admitted on the questions as proposed or as may be deemed fit by this court. 4 On the other hand, Mr. B.S. Soparkar, learned advocate for the respondent placed reliance upon the decision in the case of Commissioner of Income Tax, Gandhinagar v. Jagatkumar Satishbhai Patel, [2014] 45 taxmann.com 441 (Gujarat), to submit that the Commissioner (Appeals) has merely applied the principle of telescoping to the facts of the case, and that in view of the principle propounded in the above decision, applying the principl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... record has confirmed the order passed by the Commissioner (Appeals) of accepting the assessee's explanation to the extent of ₹ 29,45,000/-. 6 In the aforesaid backdrop, it is evident that all that has been done by the Commissioner (Appeals) is that the benefit of telescoping has been given to the assessee in relation to the cash that was actually found during the course of search, which view has been confirmed by the Tribunal. This court in the case of Commissioner of Income Tax, Gandhinagar v. Jagatkumar Satishbhai Patel (supra) has held that applying the principles of telescoping does not give rise to a question of law. Under the circumstances, the impugned order passed by the Tribunal confirming the order of the Commissione ..... X X X X Extracts X X X X X X X X Extracts X X X X
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