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| The Tax Publishers2021 TaxPub(DT) 0164 (Del-Trib) INCOME TAX ACT, 1961
Section 68
Where assessment order passed under Wealth Tax Act, 1957 in case of assessee for assessment year 2008-09, showed that assessee was charged wealth tax on relevant sum being cash-in-hand, therefore, for the purpose of making addition in relevant assessment year 2009-10 for unexplained bank deposits, assessee was to be granted credit of utilisation of the said sum. Accordingly, AO was directed to restrict the addition to the extent of only the difference between the unexplained investment and the cash available as on the first day of the accounting year to the assessee.
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Income from undisclosed sources - Quantum of addition under section 68 - Credit for addition made under Wealth Tax Act, 1957, on relevant sum being cash-in-hand -
Assessee challenged the order of CIT(A) in confirming the addition made towards unexplained income relating to deposits in bank account of assessee. Assessee contended that addition was made without proper appreciation of facts and granting opportunity to the assessee. Held: Perusal of the assessment order passed under Wealth Tax Act, 1957 by the concerned ITO for assessment year 2008-09, implied that assessee was charged wealth- tax on relevant sum being cash in hand. Therefore, for the purpose of making addition in relevant assessment year 2009-10 assessee must be granted credit of utilisation of the said sum. Therefore, AO was directed to restrict the addition to the extent of only the difference between the unexplained investment and the cash available as on the first day of the accounting year to the assessee.
REFERRED :
FAVOUR : Partly in assessee's favour.
A.Y. : 2009-10
INCOME TAX ACT, 1961
Section 251
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