2017 (12) TMI 1534 - HC - Income Tax

Appeal admitted on the following substantial question of law - (a) Whether on the facts and in the circumstances of he case and in law the ITAT was justified in not upholding the findings of the AO as endorsed by the CIT(A) that the amount of Rs. 1 Crore was the assessee s undisclosed income without appreciating the fact this its 2 partners had admitted such undisclosed income by filing revised computation of their income declaring therein their share of the aforesaid amount as their undisclosed income? (b) Whether on the facts and in the circumstances of the case and in law the ITAI was justified in not upholding the addition made by the AO on account of unaccounted cash receipts on sale of plots? Registry is directed to communicate copy of this order to the Tribunal. This would enable the Tribunal to keep papers and proceedings relating to the present appeal available to be produced when sought for by the Court.

Summary

The High Court of Bombay heard an appeal related to Assessment Year 2006-2007. The appeal admitted on substantial questions of law regarding undisclosed income and unaccounted cash receipts on the sale of plots. The Registry was directed to communicate the order to the Tribunal for further proceedings.