R.S. RANGADAS Vs. ACIT

JUDGEMENT

(1.) THESE three appeals are in relation to the same assessee and arise out of a common order passed by the Hyderabad Bench A of the Income Tax Appellate Tribunal (for short, the Tribunal).

(2.) FOR the sake of convenience, the parties are referred to as arrayed in ITTA No. 68 of 2003.

(3.) IN relation to the returns submitted for the assessment year 1996 -97, the appellant made a mention about deposit of Rs. 32,00,000/ - in his favour. The reason for not showing the same as income is that the amount is still under dispute. Another sum received by the appellant was Rs. 3,31,33,750/ - towards 50% of the amount covered by the award dated 09 -08 -1993. As regards this also, his plea was that the amount was received by him by furnishing bank guarantee, and it cannot be treated as income, since the dispute is pending.