TaxTMI 
TaxTMI 
2015 (12) TMI 1226
X X X X Extracts X X X X
X X X X Extracts X X X X
.... of appeal are not in consonance with rule 8 of the Income-tax (Appellate Tribunal) Rules, 1963. They are descriptive and argumentative in nature. In brief the grievance of the assessee is that the learned Assessing Officer failed to carry out the directions given by the Tribunal while setting aside the assessment order, he made the additions again without any supporting documents found at the time of search. It is also pleaded that the assessee was entitled to claim telescopic benefit of the shares of profit he received from the firm which had also suffered tax and such amount ought to be set off against various additions made by the Assessing Officer in the impugned assessment order. 2. Before adverting to the specific grievance of the....
X X X X Extracts X X X X
X X X X Extracts X X X X
....accordingly set aside the assessment with the directions to make it afresh after giving an opportunity of hearing to the assessee and making the material avail able which is to be utilised against the assessee. In view of these facts and circumstances, we find merit in the arguments. the Assessing Officer to frame afresh after giving the assessee adequate opportunity of being heard and considering material, submissions and contentions of the assessee and by passing appropriate speaking orders." 4. The learned Assessing Officer had issued a notice under section 143(2) read with section 158BC on August 7, 2007 under the set aside proceedings and thereafter framed the assessment order on December 26, 2007. The computation of income determin....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 80,000 Unaccounted deposits in NRE account 4,59,987 FDR as above 50,000 12,91,987 Less : Set off as discussed above 23,035 12,68,952 Assessment year 1995-96 Undisclosed bank account 2,00,000 House hold expenses 1,10,000 Visit of relatives from foreign country 2,50,000 Unaccounted deposits in NRE account 2,77,374 8,37,374 Less : Set off as discussed above Nil 8,37,374 Assessment year 1996-97 Undisclosed bank accounts 78,740 House hold expenses 60,000 Unaccounted cash 60,000 Unex....
X X X X Extracts X X X X
X X X X Extracts X X X X
....are ratio in this concern. This concern has offered undisclosed income of Rs. 8,60,000. According to the learned counsel for the assessee the total amount of Rs. 63,57,387 has been offered by various firms which came to the share of the assessee. He submitted that even if the merits of additions are not to be looked into except one addition whereby the addition of unexplained investment in the bank account have been made, the assessee will be satisfied if telescopic benefit of the additions were given equal to the amount available to the assessee from the partnership firms. 6. The learned Departmental representative relied on the assessment order. He submitted that the assessee failed to give proper details before the Assessing Officer. ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....which he has not accepted during the course of assessment proceedings." 8. The learned Assessing Officer had agreed that the assessee is entitled for telescopic benefit but, while giving actual benefit to the assessee, he restricted all these to a sum of Rs. 13 lakhs which is the amount the assessee himself disclosed. We are of the view that once an estimated addition on account of household expenses, investment in land, investment on foreign travel are being made and the source of such expenditure is stated to be flowing from the firm which has suffered tax as undisclosed income, then, telescopic benefit should be given to the total amount. In view of the above discussion, we remit this issue back to the file of the Assessing Officer wi....
X X X X Extracts X X X X
X X X X Extracts X X X X
....osed that she had inherited two flats on the death of her husband Shri Rambhai Mathurbhai Patel on December 12, 1993. These flats have been sold by her and the sale proceeds were deposited in a bank fixed deposit. On the strength of the documents, the assessee has contended that though fixed deposits were found with him because her sister is residing in the U.S.A. but actually these belonged to his sister. Therefore, no addition has to be made. The learned Commissioner of Income-tax, Departmental representative drew our attention towards para 12 at page 10 of the assessment order and contended that the assessee has failed miserably to produce any evidence explaining that the fixed deposits belonged to his sister. According to him, if the as....