THE A C I T CENTRAL-II, BHOPAL vs. S V INFRA DEVELOPERS, BHOPAL

ITA 657/IND/2019Status: DisposedITAT Indore25 March 2021AY 2014-1567 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that additions based solely on an estimated valuation of watches, without expert opinion, were not sustainable. Similarly, foreign travel expenses were partly sustained after considering the assessee's business activities.

What were the facts?

During a search operation, the assessee admitted to additional income and unexplained cash and jewellery were found. The Assessing Officer made additions based on these findings and a statement made under Section 132(4).

What were the issues?

Whether additions made on the basis of an admission under Section 132(4) and estimated valuation of seized items are justified.

Which sections of the Income-tax Act were involved?

Section 132(4),Section 143(3)

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Cases cited in this judgment(19)Show list

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Income Tax Appellate Tribunal, INDORE BENCH, INDORE

Before: HONBLE KUL BHARAT & HONBLE MANISH BORAD

For Appellant: Shri S.S. Deshpande, CA
For Respondent: Shri S.S. Mantri, CIT
Hearing: 10.03.2021Pronounced: 25.03.2021

PER MANISH BORAD:

The above captioned appeals filed at the instance of the revenue pertaining to different assessee(s) for Assessment Year

2014-15 are directed against the orders of Ld. Commissioner of Income Tax(Appeals)-3 (in short ‘Ld. CIT], Bhopal dated 17.05.2019

and 05.03.2019 which are arising out of the order u/s. 143(3) of the Income Tax Act 1961 (In short the ‘Act’) for A.Y. 2014-15 dated

28.

The order continues below.

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