INCOME TAX ACT, 1961

Section 143(3)

Assessment - Additions to income - Declaration made by another party before Settlement Commission whether binding upon assessee -

Revenue challenged order of Tribunal deleting addition made for various assessment years on account of unexplained income without appreciating facts of case in its entirety. Held: CIT(A) relied upon decision of Delhi High Court in case of CIT Vs. Vineeta Gupta [(2014) 46 taxman.com 439 (Delhi) : 2014 TaxPub(DT) 2474 (Del-HC)] wherein, view taken was that declaration made by another party before Settlement Commission is not binding upon assessee, therefore, no additions can be made in absence of any independent material. Question of law as proposed by the Revenue could not be termed as a substantial question of law.

REFERRED :

FAVOUR : In assessee's favour

A.Y. :

SUBSCRIBE FOR FULL CONTENT