2015 (7) TMI 1014

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....s of income being offered by the assessee itself for taxation and action taken by the A.O. It is a case of deduction u/s 80lC and the assessee did not have profit from eligible business for claiming deduction u/s 801C. This credit entry in the form of income from job receipt was shown in profit and loss account and deduction was claimed on the same. The Ld. CIT (A)-II failed to appreciate the intent of the assessee in doing so. He ended up paying virtually no tax on the amount he introduced in the books on account of income from job receipts. He introduced his unaccounted money in the garb of income from job receipts knowing fully well that by doing so there would not be any tax liability. Had it not been a case of deduction u/s 80IC, then ....

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....assessee, it would not have been eligible for deduction U/S 80-IC. The Assessing Officer has established in detailed in the Assessment Order 'that the assessee could not substantiate the source of cash credits and hence, the Assessing Officer treated the cash credits as unexplained income by invoking the provisions of Section 68 of the Income Tax Act, 1961. It has also been explained in the Assessment Order in detailed along with judicial pronouncements that deduction U/S 80-IC is not allowable on the unexplained cash credits and the assessee will not be entitled to carry forward the business loss and accordingly determined tax liability on the deemed income. 4. The finding given by Ld. CIT (A) -11 that if the income was offered for ....

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....r any assessment year, it shall not preclude such authority from filing an appeal or application for reference on the same issue in the case of - (a) the same assessee for any other assessment year; or (b) any other assessee for the same or any other assessment year; (3) Notwithstanding that no appeal or application for reference has been filed by an income-tax authority pursuant to the orders or instructions or directions issued under sub-section (1), it shall not be lawful for an assessee, being a party in any appeal or reference, to contend that the income-tax authority has acquiesced in the decision on the disputed issue by not filing an appeal or application for reference in any case. (4) The Appellate Tribunal or Court, he....