Commissioner of Income-tax-II, Nagpur v. Suruchi Dinesh Agrawal
[Citation -2015-LL-0216-33]

Citation 2015-LL-0216-33
Appellant Name Commissioner of Income-tax-II, Nagpur
Respondent Name Suruchi Dinesh Agrawal
Court HIGH COURT OF BOMBAY AT NAGPUR
Relevant Act Income-tax
Date of Order 16/02/2015
Judgment View Judgment
Keyword Tags surrendered income • substantial question of law
Bot Summary: The ITAT in appeal has found that the assessee surrendered certain income during search and the said income has been included in the return of Income Tax filed subsequently and also accepted by the A.O. It has also highlighed a finding of fact recorded by the CIT that the said income had been incorporated in the Books of Account before close of financial year. Effort is to take recourse to explanation 5 to Section 271(C) of the Income Tax Act, 1961. The said explanation contemplates generation of assets through income of previous years. In the present facts, the surrendered income is demonstrated to be for the year in which search was conducted and has also been accordingly shown in the Books of Accounts and accepted by the A.O. ::: Uploaded on - 17/02/2015 ::: Downloaded on - 28/04/2020 11:09:02 ::: 2 162itl17.


1 162itl17.10 IN HIGH COURT OF JUDICATURE AT BOMBAY NAGPUR BENCH AT NAGPUR Income Tax Appeal No.17 of 2010 (Commissioner of Income Tax II, Nagpur .vs. Smt. Suruchi Dinesh Agrawal, Nagpur) Office Notes, Office Memoranda of Coram, Court's or Judge's orders appearances, Court's orders of directions and Registrar's orders Mr.Anand Parchure, Adv. for appellant. CORAM : B.P.DHARMADHIKARI & A.P.BHANGALE, JJ. DATE : 16.2.2015. Heard. ITAT in appeal has found that assessee surrendered certain income during search and said income has been included in return of Income Tax filed subsequently and also accepted by A.O. It has also highlighed finding of fact recorded by CIT (Appeals) that said income had been incorporated in Books of Account before close of financial year. Effort is to take recourse to explanation 5 to Section 271 (1)(C) of Income Tax Act, 1961. said explanation contemplates generation of assets through income of previous years. In present facts, surrendered income is demonstrated to be for year in which search was conducted and has also been accordingly shown in Books of Accounts and accepted by A.O. ::: Uploaded on - 17/02/2015 ::: Downloaded on - 28/04/2020 11:09:02 ::: 2 162itl17.10 No substantial question of law, therefore, arises. appeal is rejected. JUDGE JUDGE jaiswal ::: Uploaded on - 17/02/2015 ::: Downloaded on - 28/04/2020 11:09:02 ::: Commissioner of Income-tax-II, Nagpur v. Suruchi Dinesh Agrawal
Report Error