SHRI AMITKUMAR DHIRAJLAL SHAH,VAPI vs. THE INCOME TAX OFFICER, WARD-1, VAPI

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ITA 488/AHD/2016Status: DisposedITAT Surat22 July 2019AY 2012-133 pages
AI SummaryDismissed

What did the Tribunal hold?

The assessee's counsel sought permission to withdraw the appeal. The Tribunal granted this permission and dismissed the appeal as withdrawn.

What were the facts?

The Assessing Officer made an addition of Rs. 14,80,000 under Section 68 of the Income Tax Act for unexplained loans. The assessee later argued before the CIT(A) that the amount represented gifts, but this was not accepted.

What were the issues?

The primary issue was the addition of unexplained loans. The assessee attempted to recharacterize this as gifts, but the appeal was ultimately withdrawn.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, SURAT BENCH : SURAT

Before: SHRI BHAVNESH SAINI & SHRI O.P. MEENA

Hearing: 22.07.2019Pronounced: 22.07.2019

PER BHAVNESH SAINI, J.M.

This appeal by assessee has been directed against

the Order of the Ld. CIT(A), Valsad, Dated 05.02.2016, for the

A.Y. 2012-2013, challenging the addition of Rs.14,80,000/-

under section 68 of the I.T. Act, 1961. Earlier the appeal of

2 ITA.No.488/Ahd/2016 Amitkumar Shah, Vapi.

assessee was dismissed for non-prosecution which were

restored while allowing the M.A. of the assessee.

2.

In this case, the A.O. made the addition of

Rs.14,80,000/- under section 68 of the I.T. Act in respect of

the unexplained loans. The assessee later on submitted

before Ld. CIT(A) that it is a case of gift which was not

accepted by the Ld. CIT(A) and appeal of assessee has been

dismissed.

3.

Learned Counsel for the Assessee seeks

permission to withdraw the appeal and an endorsement to

that effect have been made in the grounds of appeal. The

appeal of assessee is, therefore, dismissed as withdrawn.

4.

In the result, appeal of assessee dismissed.

Order pronounced in the open Court.

Sd/- Sd/- (O.P.MEENA) (BHAVNESH SAINI) ACCOUNTANT MEMBER JUDICIAL MEMBER

Surat, Dated 22nd July, 2019

VBP/-

3 ITA.No.488/Ahd/2016 Amitkumar Shah, Vapi.

Copy to

1.

The appellant 2. The respondent 3. CIT(A) concerned 4. CIT concerned 5. D.R. ITAT, Surat Bench, Surat 6. Guard File.

//By Order//

Asst. Registrar, ITAT, Surat Bench Bench.

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