SH. TARACHAND GUPTA,ALWAR vs. ACIT, CENTRAL CIRCLE, ALWAR, ALWAR

ITA 1451/JPR/2025Status: DisposedITAT Jaipur16 September 2026AY 2018-199 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that certain amounts were counted twice in the cash flow statement, leading to a double addition. It also found that the gold bullion was within the reasonable possession limit for the family.

What were the facts?

Following a search, the Assessing Officer made additions to the assessee's income. The CIT(A) used a cash flow statement to confirm a portion of the addition, treating undisclosed income as the source and investments/expenditures as application.

What were the issues?

Whether amounts were double-counted in the cash flow statement and if the gold bullion constituted an unexplained investment.

Which sections of the Income-tax Act were involved?

Section 132,Section 143(3),Section 250,Section 69A

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, ‘A’ BENCH, JAIPUR

Before: Shri T.R. Senthil Kumar & Shri Prakash

PER : PRAKASH, ACCOUNTANT MEMBER:-

1.

This appeal by the Assessee is directed against the order of the learned Commissioner of Income Tax (Appeals)-4, Jaipur [hereinafter referred to as "the learned CIT(A)"] dated 20.08.2025 passed under section 250 of the Income Tax Act, 1961 (hereinafter referred to as "the Act"), arising out of the assessment order dated 31.12.2019 passed by the Assessing Of- ficer (hereinafter referred to as "the AO") under section 143(3) of the Act, for the assessment year 2018-19. 2. The grounds of appeal raised by the Assessee before us in the memoran- dum of appeal in Form No. 36 read as under:

1.

The Ld. CIT(A) has erred on facts and in law in considering the amount of Rs.3,04,5

The order continues below.

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