2015 (5) TMI 1199 - AT - Income Tax

Proceedings u/s. 153C - Whether the addition made to the total income on account of income generated on sale of liquor not recorded in the books (suppressed sale of liquor) for A.Y. 07-08 can be sustained? - difference of opinion between the two Members constituting the Division Bench of ITAT, Cochin, the matter was referred to the Third Member by the Hon ble President u/s. 255(4) - HELD THAT - The Hon ble Third member has agreed with the view taken by the Hon ble Judicial Member in respect of both the questions referred above. Accordingly, as per the majority view, both the issues cited above are decided in favour of the assessee.

Summary

The Appellate Tribunal ITAT Cochin ruled in favor of the assessee in a case involving the validity of proceedings under section 153C of the Act and addition to total income for suppressed sale of liquor. The Third Member agreed with the Judicial Member, deciding both issues in favor of the assessee. Consequently, the appeals by the Revenue were dismissed, and the Cross Objections by the assessee were allowed. The judgment was pronounced on May 7, 2015.