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TMI Blog2016 (8) TMI 962X X X X Extracts X X X X X X X X Extracts X X X X ..... ount represented by that addition constitutes the undisclosed income. The facts of the present case are not comparable in any manner to the facts of the above case. Here the explanation offered by the Assessee through the cash flow statement, which has found favour with the ITAT has not been doubted by the Revenue. - Decided against revenue - ITA 364/2016 - - - Dated:- 29-7-2016 - S. Muralidhar And Najmi Waziri, JJ. For the Appellant : Mr. Dileep Shivpuri, Senior Standing counsel and Mr.Sanjay Kumar, Junior Standing counsel For the Respondent : Mr. Kapil Goel, Advocate. ORDER 29.07.2016 1. This appeal by the Revenue is directed against the order dated 23rd November 2015 passed by the Income Tax Appellate Tribuna ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome would amount to taxing twice the surrendered amount. The Assessing Officer ( AO ) gave a set off for the sum of ₹ 8 lakhs and proceeded to add ₹ 70 lakhs to the disclosed income. 5. The short question that arose was whether the sum of ₹ 70 lakhs formed part of the surrendered amount of ₹ 247.19 lakhs? The Commissioner of Income Tax (Appeals) [ CIT(A) ] disagreed with the Assessee and by order dated 29th February 2012 dismissed the appeal. The Assessee then appealed to the ITAT. 6. What is significant is that in the proceedings before the ITAT there is a discussion of a cash flow chart prepared by the Assessee from its books of accounts. This sought to explain that the cash available with the Assessee and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s not a single line in the memorandum of appeal before this Court to that effect. Learned counsel for the Revenue referred to the decision in Anantharam Veerasinghaiah Co. v. Commissioner of Income Tax, AP (1980) 123 ITR 457 (SC) which spoke of the inference to be drawn when an intangible addition is to be made to the book profits, on the basis that the amount represented by that addition constitutes the undisclosed income. 8. The facts of the present case are not comparable in any manner to the facts of the above case. Here the explanation offered by the Assessee through the cash flow statement, which has found favour with the ITAT has not been doubted by the Revenue. 9. Consequently, the Court is unable to find any error in the im ..... X X X X Extracts X X X X X X X X Extracts X X X X
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