Case Law Details
ACIT Vs A One Enclave (ITAT Indore)
At any stage revenue has not disputed the fact that the alleged amount surrendered during the survey was unaccounted business income of the assessee and not from any other sources. Section 11 5BBE of the Act was inserted by Finance Act, 2012 w.e.f. 1.4.2013 which restricts the claim of deduction in respect of any expenditure or allowance or set off of any loss against the income shown by the assessee or assessed u/s 68, 69, 69A,69B, 69C & 69D of the Act. The instant appeal relates to Assessment Year 2012-13 and therefore the assessee’s case will not be hit by provisions of Section 115BBE(2) of the Act.
FULL TEXT OF THE ITAT JUDGEMENT
The above captioned appeal of revenue pertaining to Assessment Year 2012- 13 is directed against the orders of Ld. Commissioner of Income Tax (Appeals), Ujjain (in short ‘CIT(A)’), dated 04.07.2018, which is arising out of order u/s 143(3) r.w.s. 263 of the Income Tax Act (In short the ‘Act’) dated 28.12.17 framed by ACIT-1(1), Ujjain.
2. Brief facts of the case as culled out from the records are that the assessee is a partnership firm engaged in the business of letting out garden for various programs and running hotel and restaurant. Assessee filed its return declaring total income of Rs.33,78,890/- on 3 1.7.2012. Assessment u/s 143(3) was completed on 05.03.2015 assessing total income at Rs.39,78,890/-. Subsequently Ld. Pr. CIT exercised his powers u/s 263 of the Act for revision of orders prejudicial to the revenue and set aside the assessment order directing it to be framed afresh as per the directions given in the order u/s 263 of the Act. In compliance thereto Ld. A.O initiated the assessment proceedings afresh by serving u/s 143(2) and 142(1) of the Act to the assessee.
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