SMT. SEEMA DEVI,ALLAHABAD vs. INCOME TAX OFFICER RANGE- 2(3), ALLAHABAD

ITA 6/ALLD/2021Status: DisposedITAT Allahabad21 December 20214 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal held that the property was purchased by the partnership firm, and the assessee signed as an authorized signatory. Since the Assessing Officer did not properly verify the source of funds from the firm's records, the matter was remanded for fresh adjudication.

What were the facts?

The assessee purchased property, and the AIR information indicated a higher investment than stated in the sale deed. The Assessing Officer added a portion of the investment to the assessee's income, which was confirmed by the CIT(A).

What were the issues?

Whether the addition made by the Assessing Officer on account of unexplained investment in property was justified when the property was purchased by a partnership firm. Whether proper opportunity and verification of the firm's records were provided.

Which sections of the Income-tax Act were involved?

Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, ALLAHABAD ‘SMC’ BENCH, ALLAHABAD

Before: SHRI.VIJAY PAL RAO

For Respondent: Mr. A.K. Singh, Sr. DR
Hearing: 22/12/2021Pronounced: 22/12/2021

SHRI VIJAY PAL RAO, JUDICIAL MEMBER: This appeal by the assessee is directed against the order dated 10th March, 2021 of CIT(A) (National Faceless Appeal Centre), Delhi for the assessment year 2014-15. The assessee has raised the following grounds. 1. “That in any view of the matter order passed u/s 143(3) of the income tax Act is bad both on the facts and in law and by such order income as determined at Rs. 15,76,550/- is highly unjustified and incorrect therefore the declared income should have been accepted in the facts and circumstances of the case.

2.

That in any view of the matter the Id CIT(A) was wrong in deciding the appeal ex- parte without providing reasonable opportunity to the assessee and therefore the order is not speaking order i

The order continues below.

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