9911796707
TMI Blog2022 (3) TMI 258X X X X Extracts X X X X X X X X Extracts X X X X ..... d income in the hands of the assessee. This Court is further of the view that the ITAT has correctly held that the Assessing Officer did not make any addition against the assessee on account of interest as well as cost of acquisition because the same were considered and added in the original assessment. In any event, it is settled law that an appeal u/s 260A of the Act is to be entertained only when it directly and substantially affects the rights of the parties or is not free from difficulty or call for discussion of alternative views or the factual finding is perverse. It is further settled law that any interference with the finding of the fact is not warranted if it involves re-appreciation of evidence. Thus the factual findings of the I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not warranted in the present case. The relevant portion of the said order is reproduced hereinbelow:- "8. .......As regards the cash deposit of ₹ 6.05 crores in the Bank Account of assessee, the assessee produced complete details before A.O. ........ ₹ 6.05 crores is the part of total receipts of assessee of ₹ 16.66 crores. The assessee received academic fees of ₹ 15.96 crores which includes the impugned amount. The assessee produced the complete list of the students who have made deposit directly with the Bank and the fees received by the School. Therefore, when the amount in question is included in total receipt of the assessee and have been assessed by the A.O, as such at original assessment stage after examinin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as before Ld. CIT(E) in proceedings under section 263 of the Income Tax Act, 1961. Therefore, it is not fit case of invocation of jurisdiction under Section 263 of the Income Tax, 1961......." 4. This Court is in agreement with the findings recorded by the ITAT that since the total receipts of fees had been disclosed in the income and expenditure account, the same cannot be considered as unaccounted income in the hands of the assessee. 5. This Court is further of the view that the ITAT has correctly held that the Assessing Officer did not make any addition against the assessee on account of interest as well as cost of acquisition because the same were considered and added in the original assessment. 6. In any event, it is settled law tha ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
