9911796707
TMI Blog2018 (5) TMI 1491X X X X Extracts X X X X X X X X Extracts X X X X ..... ring nil income. The self assessment made by the petitioner for the said year was revised by the first respondent under section 143(3) read with section 147 of the Act in terms of Ext.P2 order, determining the taxable income of the petitioner at Rs. 28,51,12,570/-. A demand was also raised consequently on the petitioner for Rs. 17,76,92,090/-. Aggrieved by Ext.P2 order, the petitioner preferred Ext.P4 appeal before the second respondent. Ext.P5 is the stay petition preferred by the petitioner in Ext.P4 appeal. Ext.P5 stay petition now stands disposed of in terms of Ext.P7 order granting the petitioner the stay sought for, on condition that the petitioner shall pay 50% of the demand in six instalments. The condition imposed in terms of Ext.P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under section 68 of the Act. 4. The learned counsel for the petitioner, relying on Ext.P8 decision of the ITAT, Cochin, the decision of the ITAT, Pune in Karad Merechant Sah. Credit Sanstha v. Department of Income Tax dated 28.2.2011 and the decision of the ITAT, Nagpur in Buldana Urban Cooperative Credit Society Limited v. Assistant Commissioner of Income Tax dated 23.11.2012, contended that the unexplained cash credits being deposits received by the petitioner in cash, even if assessable under Section 68 of the Act, the said addition is exempted under Section 80P of the Act. 5. Section 68 of the Act provides that where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no expl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on in Ext.P8, for if the said view is accepted, assessees who are entitled to the benefit of exemption under section 80P(2)(a) (i) of the Act can bring in illicit money into business without fear of consequences. Further, profits and gains of business is a matter covered by Chapter IV of the Act and Section 68 of the Act is one falling under Chapter VI of the Act dealing with aggregation of income. This also fortifies the view that has been taken as above. The view taken by the appellate authority in the impugned order that the petitioner has not made out a prima facie case as regards the income brought to tax by the assessing officer under section 68 of the Act is therefore to be accepted. Of course, the aforesaid view expressed is a prima ..... X X X X Extracts X X X X X X X X Extracts X X X X
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