VANDANA VINAYAK BHAMBURE (L/H OF DECEASED VINAYAK LAXMAN BHAMBURE),PUNE vs. INCOME TAX OFFICER, WARD-5(2), PUNE, PUNE

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ITA 806/PUN/2023Status: DisposedITAT Pune07 August 2023AY 2015-163 pages

In favour of the Revenue: the assessee's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal found that the order of the NFAC was based on a proper appreciation of facts and material on record. The levy of interest under Sections 234A to 24D was consequential.

What were the facts?

The assessee filed a return of income disclosing Rs. 7,52,000. The AO initiated reassessment proceedings under Section 148 for accepting cash of Rs. 7,25,000 towards sale of a flat, which was not disclosed in the books. The AO made an addition of Rs. 7,25,000 as unexplained money.

What were the issues?

Whether the addition of Rs. 7,25,000 as unexplained money was justified. Whether the consequential interest levied was sustainable.

Which sections of the Income-tax Act were involved?

Section 148,Section 147,Section 144,Section 234A,Section 234B,Section 234C,Section 234D

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, PUNE BENCH “SMC”, PUNE

Before: SHRI INTURI RAMA RAO

For Respondent: Shri A. K. Mahala
Hearing: 03.08.2023Pronounced: 07.08.2023

ORDER

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