held that the appellant is allowed to
claim telescopic effect of the additions made and the appellant be
granted consequential relief in accordance with ... profits from unaccounted business activities. The
ld. AR prayed that the telescopic effect of the cash declared may be given to
the assessee against addition
Kirti Dal Mils Ltd., Nashik vs Department Of Income Tax on 22 May, 2013
1
Lakhs as undisclosed investment of the assessee without giving
telescoping effect of the said amount received on sale Lexus car
to Mr.Chachalani. Further ... other documents seized, details of investment and expenses
found after giving telescopic effect wherever possible in the following
manner. The following table shows the declaration
educational expenses of Rs.47,04,520 without considering the
telescoping effect of cash available of about Rs.23.52 lacs. The
appellant hereby prays ... submission of
the Ld. Counsel for the assessee that if telescoping effect is given
to the various additions sustained by the CIT(A) the assessee
appeal
against the impugned order for AY 2017-18 seeking
a telescopic effect of undisclosed income offered ... purchase
of immovable properties, for the reasons the claim for
telescopic effect stands legless. The Ld. DR further
argued that
assessee claims that
telescopic effect has to be allowed.
4. Briefly, in the facts of the case, the assessee was proprietor of M/s.
Jawahar ... assessee did not offer as additional income and claimed that telescoping effect
of income offered in the hands of assessee should be given against said
available funds in the form of profits
on undisclosed turnover, then telescoping effect needs to be allowed to the
assessee against the list of assets ... account and hence, were unexplained
investments. The Assessing Officer giving telescoping effect did not make any
other additions in the hands of assessee except undisclosed
Commissioner of Income Tax (Appeals) erred in giving the
telescopic benefit to the assessee as the assessee made voluntary
disclosures based on incriminating material detected ... submissions of the assessee
and granted relief to the assessee by telescoping effect. The Ld. CIT(Appeals)
has discussed this issue vide Para
added in the hands of
assessee. The assessee submitted that telescopic effect may be given of the
additional income assessed in the hands of assessee ... accepting the same,
we direct the Assessing Officer to allow telescopic effect on additional income
assessed in the hands of assessee against value of excess
confirming the action
of ld. AO by not allowing the telescopic effect to the opening
stock of the year under consideration which was declared ... considering the closing stock of the year under
consideration. Hence, the telescopic effect of opening stock of
Rs.63,06,500/- which was declared
