TMI Blog1983 (8) TMI 1X X X X Extracts X X X X X X X X Extracts X X X X ..... having already been made the subject-matter of the declaration by the depositors/creditors, to include them as income of the assessee from undisclosed sources - held that provisions of Finance Act do not override I.T. Act -revenue's appeal allowed - - - - - Dated:- 10-8-1983 - Judge(s) : D. P. MADAN., V. BALAKRISHNA ERADI. and V. D. TULZAPURKAR. JUDGMENT In our opinion this appea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld be extended to the assessment of a third party (the assessee before the ITO), the aforesaid decision has ruled that such immunity is confined to the declarants alone. The other aspect which was sought to be pressed by Mr. Sharma before us was that the High Court on the facts of the case had come to the conclusion that in view of the statutory provisions contained in s. 24 of the Finance Act and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts the ITO, if Ire were not satisfied with the explanation of the assessee about the genuineness or source of amounts found credited in his books, in spite of these having already been made the subject-matter of the declaration by the depositors/creditors, to include them as income of the assessee from undisclosed sources and that there is no warrant for the submission that s. 24 has overriding ef ..... X X X X Extracts X X X X X X X X Extracts X X X X
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