2015 (9) TMI 114 - HC - Income Tax

Deletion of unexplained investment Tribunal had remitted matter to the AO - Held that - For orders, see The Commissioner of Income Tax III, Ludhiana vs. Shri B.K.Jain, 2014 (7) TMI 48 - PUNJAB & HARYANA HIGH COURT wherein it is clarified that telescoping can only be done to the extent there is direct nexus of receipt of amount on account of sale of shares which has been invested in the purchase of shares during the period from 1.4.2002 to 31.3.2003 and 1.4.2003 to 31.3.2004 - for the AY 2003-04 and 2004-05, benefit of telescoping shall only be allowed by the AO after recording a finding that there is direct nexus resulting from sale of shares and investment in shares made by the assessee. Deletion of surrender during survey u/s 133A of the Act Held that - Tribunal noticed that the assessee had surrendered a sum of ₹ 15 lacs, the credit of which was allowed to him - once the assessee had surrendered the amount, necessary credit could not be denied to him - It could not be shown that the approach of the Tribunal was erroneous in any manner - thus, no interference is called for in the findings recorded by the Tribunal Decided against Revenue.

Summary

The Punjab and Haryana High Court issued an order in the case of Commissioner of Income Tax III, Ludhiana vs. Shri B.K.Jain. Citation: 2015 (9) TMI 114. Judges: Ajay Kumar Mittal & Jaspal Singh. Counsels: Mr. Rajesh Katoch for the Appellant, Mr. Sachin Bhardwaj for the Respondent.