2012 (10) TMI 156 - SCH - Income Tax

Undisclosed income - Held that - The High Court in own assessee s case CIT Central-III, Madras Versus M.K. Shanmugam 2011 (9) TMI 172 - MADRAS HIGH COURT has over-ruled the decisions of the ITAT and CIT(A) that cash flow statements submitted by the assessee were not supported by documents as if so the High Court should have remitted the case to CIT(A) giving opportunity to the assessee to produce relevant documents rather than making addition to income. Thus set aside the impugned judgement of the High Court and remit the case to CIT(A) to decide matter afresh - in favour of assessee by way of remand.

Summary

The Supreme Court set aside the High Court's judgment and remitted the case to the Commissioner of Income Tax (Appeals) for reconsideration. All arguments are kept open. Civil appeals by the assessee were allowed with no costs.