Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (8) TMI 715 - ITAT JODHPURUnexplained investment u/s 69 - Ownership of income - Protective assessment - A.O. has concluded that the transaction in question related to purchase of beetel nut made by DTI [Dinesh Tobacco Industries] and not related to Shri Nand Kishore Malani in any manner - A.O. proposed to assess the income in the hands of DTI on the basis of DRI's finding - Held that:- Shri Nand Kishore Malani has made a surrender of the entire money and he has also paid taxes thereon and has also disclosed this income in his return of income. - There is no scope for making any addition either on substantive basis or on protective basis in the hands of the assessee firm or in the hands of M/s Dinesh Pouches Ltd. Accordingly, we set aside the findings of the learned CIT(A) to that extent and order that this income has to be assessed in the hands of Shri Nand Kishore Malani, as individual. - Decided in favour of assessee. Disallowance of DEPB/ DDB - Held that:- when original assessment order was completed before the date of search and any deduction was allowed therein and as thereafter no incriminating evidence was found in the search relatable to this issue, the disallowance in respect of DEPB/ DDB cannot be made or for that matter disallowance can be reduced undertaken in proceedings u/s 153A of the Act - Decided in favour of assessee.
|