9911796707
|
Home
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (6) TMI 406 - HC - Income TaxAddition on account of unaccounted interest income on FDs - unaccounted income in gold - Tribunal deleted the addition - HELD THAT - This Court, vide judgment 2020 (11) TMI 912 - KARNATAKA HIGH COURT , quashed the order passed by the Income Tax Appellate Tribunal on the ground that the same is cryptic and suffers from non-application of mind and has remitted the same to the Tribunal to consider the substantial question of law Nos. 1 and 2. For the reasons assigned in the aforesaid judgment, the order passed by the Tribunal in respect of Assessment Year 2005-06 2016 (12) TMI 1856 - ITAT BANGALORE is quashed and the matter is remitted to the Tribunal to consider the substantial question of law Nos. 1 and 2 afresh by assigning reasons.
Issues:
1. Addition of unaccounted interest income on FDs 2. Deletion of unaccounted income in gold 3. Addition under section 69A on account of unaccounted cash Analysis: Issue 1: Addition of unaccounted interest income on FDs The High Court considered the appeal filed by the revenue against the judgment of the Income Tax Appellate Tribunal regarding the addition of ?6,00,13,928 on account of unaccounted interest income on Fixed Deposits (FDs). The Court noted that the Tribunal had deleted the addition, stating that the Revenue had not provided sufficient material for the addition. The assessee had admitted only ?4,39,97,515 in the return of income. The Court observed that the CIT(A) had held ?29,45,468 as taxable without proper discussion. However, the High Court did not delve into this issue as the matter was remitted to the Tribunal for fresh consideration. Issue 2: Deletion of unaccounted income in gold The Tribunal had also deleted the unaccounted income in gold without appreciating that the assessee failed to prove the source of the gold purchases and lacked independent reasoning for setting aside the additions. The High Court, in a separate judgment related to the matter, quashed the Tribunal's order for being cryptic and suffering from non-application of mind. The Court remitted the issue back to the Tribunal to reconsider substantial questions of law Nos. 1 and 2. Consequently, the High Court did not provide a detailed analysis of this issue as the matter was sent back for fresh consideration. Issue 3: Addition under section 69A on account of unaccounted cash Regarding the addition under section 69A of the Act on account of unaccounted cash found during search proceedings, the Tribunal had set aside the addition by stating that the Revenue had not presented sufficient material for the addition. The assessee could not explain the details of the cash found during search proceedings. The High Court, in line with its decision on Issue 2, quashed the Tribunal's order and remitted the matter back for fresh consideration. Consequently, the High Court did not provide a detailed analysis of this issue as well. In conclusion, the High Court disposed of the appeal by remitting the matter back to the Tribunal for fresh consideration of the substantial questions of law raised in the appeal. The Court did not delve into the specific issues raised in the appeal due to the remittance of the case for further review.
|
