Case Law Details
We have carefully considered the submissions of the rival parties and perused the material available on record. We find that the facts are not in dispute inasmuch as it is also not in dispute that the assessee while filing the return of income in response to the notice u/s 153A declared an additional income of Rs. 25 lakhs and, in alternative, claimed that the disallowance, if any, u/s 10A may be restricted to Rs. 40,24,656/- only instead of Rs. 64,24,656/-. The ld. CIT(A) after examining the issue held that the assessee is entitled to telescoping of Rs. 25 lakhs disclosed as additional income from the income determined by the A.O.
There is no error whatsoever in the direction of the CIT (Appeals) to the A.O. to grant the benefit of telescoping. When the assessee has declared additional income, obviously the same is available for explaining either expenditure or for explaining the investments made during that year. These grounds raised in the Revenue’s appeals are dismissed
INCOME TAX APPELLATE TRIBUNAL, MUMBAI
ITA No. 3565/MUM/2008 – Assessment Year: 2004-05
General Foods Limited Vs. Asstt. Commissioner of Income Tax
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