TMI Blog2016 (9) TMI 66X X X X Extracts X X X X X X X X Extracts X X X X ..... ed CIT(A). Learned Departmental Representative seeks an opportunity to examine all these factors, and, for that purpose prays for restoration of matter to the file of the assessing officer. It can thus be seen that concurrently the CIT (Appeals) and the Tribunal came to the conclusion that the amount in question was already taxed before the Settlement Commission in the declarations made by the group companies. We see no reason to interfere - Decided against revenue - TAX APPEAL NO. 653 of 2016 - - - Dated:- 30-8-2016 - MR. AKIL KURESHI AND MR. A.J. SHASTRI, JJ. FOR THE APPELLANT : MR PRANAV G DESAI, ADVOCATE ORAL ORDER (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. Revenue is in appeal against the judgement of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... peals) made following observations: 3.8 It is an established principle that the income can be taxed either on receipt basis or on accrual basis or on the basis of deeming provisions. As far as the undisclosed income of US $ 80,22,421 available at Dubai is concerned, the same was received/accrued before the date of search as is evident from the entries recorded in page 19 of Annexure A/1 seized during the course of search on 24.09.2002. This undislcosed income was first declared before the Settlement Commission mainly in individual hands by the three brothers including the appellant and on rejecting the individual petitions by the Settlement Commission, the more or less same undisclosed income was declared mainly in the hands of the busi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it or on the ground of bank deposit. The cash credits or the bank deposits can be treated as assessee's income if no explanation is offered by the appellant for the nature and source of the cash credits or bank deposits as the case may be or the explanation so offered by the appellant is not found satisfactory in the opinion of Assessing Officer. No such opinion seems to be framed by the Assessing Officer in the assessment order. Even, the source of the deposit is explained. The source of the bank deposits is the amount of US $ 4.00.000/- transferred from the undisclosed income available at Dubai as per the seized documents and was part of the undisclosed income declared by the business concerns in their settlement petitions and taxes w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... terial on record and duly considered facts of the case in the light of the applicable legal position. 6. We find that the sources of receipts are reasonably explained by the assessee. There is no dispute that the money was received, through banking channels, from Dubai and even the source of funds in Dubai has been explained and stands accepted. There is no basis for seeking to tax the same income again in the hands of the assessee. Under these circumstances, we are not inclined to disturb very well reasoned conclusions arrived at by the learned CIT (A). No specific infirmities have been pointed out in the reasoning and analysis of learned CIT(A). Learned Departmental Representative seeks an opportunity to examine all these factors, and, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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