TMI Blog2016 (7) TMI 968X X X X Extracts X X X X X X X X Extracts X X X X ..... In other words, if the assessee can point out that even on unaccounted receipts, expenditure was also incurred for the purpose of business, it would be only the reasonable profit on such receipts which should be taxed. In view of this, we do not see any error in the view of the Tribunal particularly considering the fact that the commissioner was exercising limited power of revision under section 263 of the Act. - Decided in favour of assessee. - TAX APPEAL NO. 859 of 2012 - - - Dated:- 19-7-2016 - MR. AKIL KURESHI AND MR. A.J. SHASTRI, JJ. FOR THE APPELLANT : MR.VARUN K.PATEL, ADVOCATE FOR THE OPPONENT : MR SN DIVATIA, ADVOCATE ORAL ORDER (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. Revenue is in appeal agai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s from both the sides. The survey disclosure has been considered by the Assessing Officer. He has considered unpaid freight and liability and no addition was made on account of outstanding liability from unaccounted income u/s 69C of the IT Act. The CIT has passed the order u/s 263 on the basis of liability of ₹ 1,03,24,530/- has been shown as unpaid freight as on 31.3.2006 and liability paid ₹ 77,01,958/- during the FY 0506 which has been considered by the Assessing Officer. The ld. CIT has framed different opinion on similar facts considered by the Assessing Officer in assessment order. Therefore, the CIT order u/s 263 is a change of opinion. Accordingly, we set aside the order of CIT dated 10.03.2011. 3. Having heard lear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er source was not justified. In the case of Deputy CIT v. Radhe Developers India Ltd., (2010) 329 ITR 1(Guj.), this Court while distinguishing the decision in the case of Fakir Mohmed Haji Hasan (supra), observed as under: The decisions of this Court in the case of Fakir Mohmed Haji Hasan (supra) and Krishna Textiles (supra) are neither relevant nor germane to the issue considering the fact that in none of the decisions the Legislative Scheme emanating from conjoint reading of provisions of sections 14 56 of the Act have been considered. The Apex Court in the case of D.P.Sandu Bros.Chembur P. Ltd., (supra) has dealt with this very issue while deciding the treatment to be given to a transaction of surrender of tenancy right. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urt that where a sum not earned by a person is assessed as income in his hands on his so offering, the order passed by the Assessing Officer accepting the same as such will be erroneous and prejudicial to the interests of the revenue. Rampyari Devi Saraogi v. Commissioner of Incometax, (1968) 67 ITR 84 (SC) and in Smt. Tara Devi Aggarwal v. Commissioner of Incometax, West Bengal, 88 ITR 323. In the case of S.K.Srigiri and Bros. (supra), the Karnataka High Court held as under: We have perused the orders of the Tribunal. The Tribunal has carefully considered the questions put by the authority and the answer of the partners of the assessee's firm and based on the same, the Tribunal has come to the conclusion that the additional inc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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