Loading judgment…
Facts
The assessee's appeal was against an order that treated investments in immovable property totaling Rs. 15,80,750/- made during FY 2011-12 as unexplained for AY 2013-14. The assessee did not appear before the tribunal and the case proceeded ex-parte.
Held
The Tribunal held that the investments made in FY 2011-12 could not have been treated as unexplained for AY 2013-14. Consequently, the impugned addition was deleted.
Key Issues
Whether investments made in a prior financial year can be treated as unexplained in a subsequent assessment year under Section 69 of the Income Tax Act, 1961.
Sections Cited
143(3), 147, 69
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, DELHI BENCH ‘SMC’, NEW DELHI
Before: Sh. Satbeer Singh Godara
Asstt. Year : 2013-14 Satyavir Singh Chandel HUF, Vs CIT(A)/NFAC, 361, Sector-8, Karnal, Delhi Haryana-132001 (APPELLANT) (RESPONDENT) PAN No. AAMHS7226L Assessee by: None Revenue by : Sh. Akhilesh Kumar Yadav, Sr. DR Date of Hearing: 02.06.2025 Date of Pronouncement: 02.06.2025 ORDER
This assessee’s appeal for Assessment Year 2013-14, arises against the CIT(A)/NFAC, Delhi’s DIN & order No. ITBA/NFAC/S/250/2024-25/1074322925(1) dated 11.03.2025, in proceedings u/s 143(3) r.w.s. 147 of the Income Tax Act, 1961 (in short “the Act”).
Case called twice. None appears at the assessee’s behest. It is accordingly proceeded ex-parte.
It next emerges with the able assistance coming from the Revenue side and from a perusal of the facts on record that both the learned lower authorities have treated the assessee’s investments in immovable property of Rs.13,08,661/-; as unexplained u/s 69 of the Act which had been actually finalized
This being the clinching factual position, the tribunal is of the considered view that the above impugned investments would not have been treated as unexplained in A.Y. 2013-14 since pertaining to F.Y. 2011-12. The impugned addition is deleted in very terms therefore.
All other pleadings on merits stand rendered academic.
This assessee’s appeal is allowed. Order Pronounced in the Open Court on 02/06/2025.