restricted the latter addition to Rs. 1,23,748/- thereby giving
telescoping effect to the former addition amount recomputed to Rs.
15,76,252/- only ... opinion that the
assessee deserves to be given telescoping effect as he has declared
the impugned assessment year' income remaining unaccounted in
assessment year
computed on the basis of
peak theory and telescoping effect of assets/investment/expenses is
given for utilization of peak for the same. Therefore
Surrendered amount' of Rs 40,00,000/- and the 'telescoping
effect' thereof in the additions sustained."
3
5. The facts
office
4
ITA No.618/PN/2014
units. After granting telescoping effect of Rs.5 lakhs the CIT(A)
sustained addition ... deposit of Rs.25 lakhs
made on 17-02-2009 gave telescoping effect of Rs.5 lakhs from
the total cash deposit
assessee. With regard to the contention of
assessee giving telescoping effect out of credits of IDBI, the CIT(A) observed
as under ... work the
addition in the hands of assessee after giving telescoping effect to the cash
withdrawals made by the assessee during the year under consideration
Before us L'd AR submitted that the telescoping effect can be given to
the above addition made by the lower authorities on account
prevailing at the time of accident and may go slow in telescoping the effect of march of law on an accident that had taken place
erred in law and on facts in not granting the effect of
telescoping of disallowance of following expenses against the addition
Ispat (India), Mandi Gobindgarh, the limited prayer
was that the benefit of telescoping be given to the
assessee. The learned counsel for the assessee stated ... counsel of the assessee
pointed out that, in identical circumstances the effect of
telescoping had been given on account of identical
additions made in assessment
deduction under section 10A , in
our view, has to be given effect to at the stage of computing the profits and gains of
business. This ... Chapter. What the Revenue in essence seeks to attain is to
telescope the provisions of Chapter VI-A in the context of the deduction which
