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TMI Blog2003 (2) TMI 10X X X X Extracts X X X X X X X X Extracts X X X X ..... e financial year, i.e., 1992-93 then how the order of the assessing authority can be said to be erroneous or prejudicial to the interest of the Revenue – Tribunal was justified in quashing the CIT’s order - - - - - Dated:- 3-2-2003 - Judge(s) : M. R. CALLA., PRAKASH TATIA. Judgment The judgment of the court was delivered by Prakash Tatia J.-This income-tax appeal is directed against the order dated December 13, 2001, passed by the Income-tax Appellate Tribunal, Jodhpur, in I.T.A. No. 486 (JDPR) of 1999 for the assessment year 1993-94. The brief facts of the case are that the assessee-respondent is having two business concerns, namely, P.G. Marble Trading Co., Kelwa, and Asian Marble and Asbestos at Rajsamand. The income-tax asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act without appreciating the fact that in view of section 69 of the Income-tax Act even in a case where an amount is credited on the very first day of the accounting year and the explanation offered by the asses-see is not accepted, such amount may be assessed as income of the asses-see in the accounting year for which the books were maintained?" During the course of assessment proceedings for the accounting year 1992-93, it came to the notice of the assessing authority that the opening capital in the case of Asian Marbles and Asbestos which is as said, a branch of P.G. Marbles was shown at Rs. 2,73,500 as on April 1, 1992. It was found by the Commissioner of Income-tax that the assessing authority while completing the re-assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... quashed by the order of the Tribunal dated December 6, 2001 in I.T.A. No. 71 (JDP) of 1999 and, ultimately, held that since the assessment order has been quashed, therefore, the order passed by the Commissioner of Income-tax under section 263 of the Act of 1961 is also quashed. Learned counsel for the appellant submitted that the assessee has always submitted return without furnishing capital accounts and the income was always assessed on estimate and it is held by the Calcutta High Court in the case of CIT v. Ashok Timber Industries [1980] 125 ITR 336 that when an amount is credited in the books of the assessee on the very first day of the accounting year and the explanation offered by the assessee is not accepted, such amount is assessa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llenged by the Revenue or not. When the revenue itself has accepted the order dated December 6, 2001, wherein it has been held by the Tribunal that it is a case of unexplained investment under section 69 of the Act of 1961 and the appropriate previous year for inclusion is the relevant financial year and its genuineness has already been adjudicated upon by the assessing authority for the appropriate financial year, i.e., 1992-93 then how the order of the assessing authority can be said to be erroneous or prejudicial to the interest of the Revenue. Since the Income-tax Appellate Tribunal has decided the appeal on the basis of the decision dated December 6, 2001, therefore, there appears to be no illegality in the order passed by the Income-t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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