DR. MANISH CHHAPARWAL ,UDAIPUR vs. DCIT, CENTRAL CIRCLE-2, UDAIPUR

In the result, the appeal of the assessee is partly allowed

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

undisclosed asset has no independent existence of its own or there is no separate physical identity of such investment/expenditure then first what is to be taxed as business receipt invested in unidentifiable unaccounted asset and only on failure it should be considered to be taxed under section 69 on the premises that such excess investment is not recorded

ASHOK PANWAR HUF,JODHPUR vs. ACIT, CENTRAL CIRCLE-3, JODHPUR

In the result, both the appeals of the assesses ITA No