9911796707
TMI Blog2022 (9) TMI 1103X X X X Extracts X X X X X X X X Extracts X X X X ..... he tax authorities and at the behest of the tax authorities, the assessee had offered the amount calculated by them in his income for the Assessment Year 2007 08 and paid taxes thereon, which return of income has been accepted by the Revenue. Since the tax rate in both the Assessment Years i.e. 2006-07 and 2007-08 was same, this Court is of the view that if the present appeals are allowed and an amount is added to the assessee s income in the assessment year 2006-07, it would amount to double taxation, inasmuch as, the said amount is admittedly a part of the amount offered to taxation in the assessment year 2007-08. The learned predecessor Division Bench in PCIT(Central) Vs. Krishan Kumar Modi [ 2021 (2) TMI 1182 - DELHI HIGH COURT] ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion which needs to be highlighted is that even assuming that the statement of the assessee is paramount and sacrosanct, then there is no denial by the revenue authorities that the assessee has honoured his statement and offered Rs.2,23,68,000/- in his return of income for A.Y 20078-08 and has paid taxes thereon. In all his submissions made during the course of assessment proceedings and highlighted by us elsewhere, the assessee was constantly stating that this peak credit was calculated by the tax authorities and at the behest of the tax authorities the assessee offered the same in his income for A.Y 2007-08 and paid taxes thereon. 25. Nowhere the Assessing Officer has demolished this claim of the assessee which means that the Assessi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - under Section 69 of the Income Tax Act, 1961 ( the Act ) on account of peak balance pertaining to Financial Year 2005-06 (Assessment Year 2006-07) and Financial Year 2006-07 (Assessment Year 2007-08) respectively, in the bank account maintained by assessee with HSBC Geneva. He states that the ITAT has erred in holding that there is no loss to revenue as assessee has shown the said income for Assessment Year 2007-08 and paid taxes on such undisclosed income. He contends that the ITAT has erred in holding that the issue of bifurcating the undisclosed amount in two Assessment Years i.e. Assessment Years 2006-07 and 2007-08 does not arise for the reasons that the tax rates in both the assessment years are the same. He submits that the ITAT ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessing Officer to act in exercise of his statutory power, for determining what, in his opinion, is the correct taxable income. 3. Per contra, learned senior counsel for the Respondnet, who appears on advance notice, states that the sole basis for the addition is the admission in the statement recorded under Section 132(4) of the Act and the alleged sheets received from the French government under DTAC. He points out that the Additional Chief Metropolitan Magistrate has vide order dated 28th June, 2021 discharged the assessee under Sections 276C and 277 of the Act on the following ground:- In the present case the prosecution has failed to satisfy said ingredients. The prosecution is launched on the basis of retracted admissions. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on. 5. Further, the peak credit had been calculated by the tax authorities and at the behest of the tax authorities, the assessee had offered the amount calculated by them in his income for the Assessmeng Year 2007 08 and paid taxes thereon, which return of income has been accepted by the Revenue. 6. Since the tax rate in both the Assessment Years i.e. 2006-07 and 2007-08 was same, this Court is of the view that if the present appeals are allowed and an amount of Rs.2,05,50,545/- is added to the assessee s income in the assessment year 2006-07, it would amount to double taxation, inasmuch as, the said amount is admittedly a part of the amount of Rs.2,23,68,000/- offered to taxation in the assessment year 2007-08. The learned predecess ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
