MILLENNIUM REAL ESTATE DEVELOPERS PVT. LTD,JALANDHAR vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, JALANDHAR

ITA 653/ASR/2016Status: DisposedITAT Amritsar13 September 2023AY 2012-1313 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found that neither the Assessing Officer nor the CIT(Appeals) adequately considered the nature of the surrendered income and its potential connection to business activities. The matter was therefore remanded for fresh adjudication.

What were the facts?

Following a search operation, the assessee surrendered Rs. 1.10 Crore as additional income for AY 2012-13, which was introduced as cash in its books. The Assessing Officer treated this as deemed income under Section 69A, disallowing set-off of business loss.

What were the issues?

Whether the surrendered income, introduced as cash, constitutes deemed income under Section 69A or income from business, and whether business loss can be set off against it.

Which sections of the Income-tax Act were involved?

Section 69A,Section 132,Section 71

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Cases cited in this judgment(3)Show list

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Income Tax Appellate Tribunal, AMRITSAR BENCH, AMRITSAR

Before: DR. M. L. MEENA & SH. ANIKESH BANERJEE

Hearing: 30.08.2023Pronounced: 13.09.2023

Per Dr. M. L. Meena, AM:

The captioned appeal is filed by the assessee against the order of the ld. Commissioner of Income Tax (Appeals)-5, Ludhiana dated 04.10.2016 for Assessment Year: 2012-2013. 2 Millennium Real Estate Developers P. Ltd. v. Asstt. CIT

2.

The assessee has raised the following grounds of appeal:

“1. That the learned CIT (Appeals) Central Circle have erred both on facts and in law while passing his orders upholding the decision of the Assessing Officer treating the surrendered income of Rs.1.10 Crore as deemed income u/s 69 A of the Act; rather than income from Business or Profession, in view of the fac

The order continues below.

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