Case Law Details
Jatinderpal Singh Vs ITO (ITAT Amritsar)
Relying on the decision of ITAT Amritsar in the case of Kulwant Singh v. ITO in ITA No. 519/Asr/2014 dated 19.02.2015 appellant submitted that the credit of the income returned by the assessee should have been allowed from the peak credit balance sustained by the CIT(Appeal). It was submitted that the assessee has opening saving balance, therefore, the same should have been allowed against the peak credit balance sustained by the CIT(Appeal).
ITAT heard the rival submissions and find that the assessee might have some saving in the preceding year, therefore following the decision of ITAT in the case of Kulwant Singh, we allow further deduction of Rs.1,55,120/- of returned income shown by the assessee as deduction out of peak credit addition of Rs. 2,26,205/- sustained by the Ld. CIT(Appeal). Accordingly, this appeal is partly allowed.
FULL TEXT OF THE ORDER OF ITAT AMRITSAR
This appeal by the Assessee is filed against the order of learned Commissioner of Income Tax (Appeals)-2, Amritsar dated 06.02.2017 for the Assessment Year 2008-09.
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