9911796707
TMI Blog2013 (7) TMI 772X X X X Extracts X X X X X X X X Extracts X X X X ..... assessed as undisclosed income of the assessee invoking section 68 of the Act. Such amounts were treated as booking advance and therefore, taxed as undisclosed income - same would thereafter not bear the character of loan or advances. - Decided against Revenue. - CIVIL APPLICATION NO. 293 of 2013 In STAMP NUMBER NO. 1147 of 2013 - - - Dated:- 12-7-2013 - Akil Kureshi And Sonia Gokani,JJ. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Appeal, we had not done so, we would be reluctant to do so in the review petition. Therefore, we have heard learned advocate for the applicant-Department and perused the review petition and the order under review. 3. The main contention of the applicant-Department appears to be that the order pertains to the facts involved in Tax Appeal Nos.674 and 677 of 2012, where the penalty under Section 67 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome. We agree with the view of CIT(Appeals) as well as Tribunal that same would thereafter not bear the character of loan or advances. 5. It is, thus, apparent that when in appeal the question was examined qua the penalty imposed under section 271D and 271E of the Act, no case for review is made out. We would, therefore, not incline to issue Rule in the matter. 6. For the foregoing reasons, ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
