2014 (11) TMI 1053 - SCH - Income Tax

Revision u/s 263 of the Act - Addition u/s 68 of the Act as business income - Whether in the absence of any satisfactory explanation regarding the source of the creditor, can it be said that the credit is not a business income Held that - HC order upheld 2014 (6) TMI 15 - KERALA HIGH COURT as AO has considered the entire issue and found that the unexplained cash credit is to be treated as income u/s 68 - This is not a case where the decision of the AO can be treated as erroneous. Setting off of brought forward business loss Held that - Since we have already found that the Administrative Commissioner could not have exercised jurisdiction to invoke Section 263 of the Act, the assessment order made pursuant to the said order is rightly rejected by the appellate authorities and the Tribunal. Under these circumstances, this appeal also fails and is liable to be dismissed.

Summary

The Supreme Court dismissed the Special Leave Petition after condoning the delay, as no valid legal grounds for interference were found. (Case Citation: 2014 (11) TMI 1053 - SC)