COMMISSIONER OF INCOME TAX Vs. ASHWANI TREHAN

JUDGEMENT

(1.) THE Income -tax Appellate Tribunal, Amritsar, under s. 256(1) of the IT Act, 1961 (for short, "the Act"), has referred

(2.) THE assessee is an individual and his sources of income are salary, interest and dividend. A search was conducted at As per the will of the father, he bequeathed a sum of Rs. 5 lacs in cash in favour of mother of the assessee, the assessee himself, his wife and his two children. The source of money found as per the will, as claimed by the assessee, was doubted on the ground that his father had met with an accident and was unable to run the business. The AO held that the amount was unexplained income of the assessee. On appeal, plea of the assessee was upheld on the ground that execution of will had not been challenged and in absence of further investigation, there was no justification to reject the explanation furnished by the assessee that in spite of accident, his father continued to do business.

(3.) BEFORE the due date and the amount disclosed in the said return could not be treated as concealed income. The AO did not accept this plea on the ground that disclosure in return filed after search was not relevant. However, on appeal, the Tribunal upheld this plea of the assessee on the ground that return was before due date under s. 139(4) of the Act.