Assessee-company had amalgamated with a company by way of acquisition\/purchase . Assessee made payment of certain amount towards repayment of loans and liabilities of acquired\/amalgamated company . Return filed by assessee was accepted and an assessment order was passed. CIT (A) invoked provisions of S.\u00a0 251(2) on ground that amount used for repayment of loans and liabilities of acquired company was unexplained creditors in books of account and brought same to tax under S.\u00a0 68 .\u00a0 Tribunal held that\u00a0 the AO did not examine allowability of sum paid to settle loans and liabilities of acquired company, in fact, AO\u00a0 has accepted said payment. Accordingly if CIT (A ) was of opinion that AO ought\u00a0 to have verified genuineness of repayment of loans\/advances of acquired company by assessee, option available were under S. 147 or under S. 263, but, CIT (A) could not have embarked on bringing a new source of income to tax which was not considered by assessee.\u00a0 Accordingly the addition made by CIT (A) is held to be unjustified .\u00a0 (AY. 2014 -15)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 251 : Appeal – Commissioner (Appeals) \u2013 Powers \u2013 Enhancement – CIT (A) cannot enhance a new source of income to tax which was not considered by assessee. [ S.68, 147, 251(2), 263 ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-10100","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2CU","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/10100","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=10100"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/10100\/revisions"}],"predecessor-version":[{"id":19220,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/10100\/revisions\/19220"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=10100"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=10100"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=10100"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}