NANAK CHAND BANSAL,FARIDABAD vs. DCIT, CENTRAL CIRCLE- II, FARIDABAD
What did the Tribunal hold?
The Tribunal found that the assessment order did not mention any bank withdrawals. Therefore, to provide justice, the issue was restored to the Assessing Officer to examine the bank statements and other evidence submitted by the assessee regarding the source of investment.
What were the facts?
During a search operation, documents related to property transactions were found, and the assessee was asked to provide details of investments. The Assessing Officer made additions under Section 69 as the assessee failed to provide documentary evidence for the source of cash payments for property purchases.
What were the issues?
Whether the addition made under Section 69 for unexplained investment in properties is justified when the assessee claims cash payments were made from bank withdrawals and provides documentary evidence.
Which sections of the Income-tax Act were involved?
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, DELHI ‘D’ BENCH,
Before: SHRI AAKASH DEEP JAIN & SHRI N.K. BILLAIYA
Heard together (4 matters)
Read from the judgment's own cause title. This page is filed under one of them.
PER N.K. BILLAIYA, ACCOUNTANT MEMBER:
The above four appeals by the assessee are preferred against the orders of the CIT[A]-2, Gurgaon dated 23.02.2018 pertaining to Assessment Year 2009-10, CIT[A], Karnal dated 07.09.2017 pertaining to Assessment Year 2010-11 and 07.09.2017 for Assessment Years 2011-12 and 2012-13 respectively .
Since the underlying facts in issues are common in all the captioned four appeals, all the appeals were heard together and are disposed off by this common order for the sake of convenience and brevity.
The common grievance in all the captioned four appeals relates to the addition made u/s 69 of the Income-tax Act, 1961 [hereinafter referred to as 'The Act'] though the quantum may differ in all the appeals.
Representative of both the sides were heard at length, case records carefully perused.
Facts on record show that search and seizure operation was conducted at the premises of M/s SRS Group. During search operations, documents regarding sale/purchase of difference properties were found.
The assessee was required to file detail with regard to the transactions of investment in various properties for the captioned Assessment Years.
On perusal of the details filed by the assessee, the Assessing Officer found that the assessee has made cash payment for purchase of properties and failed to give any documentary evidence with respect to source of the said investment and, accordingly, additions u/s 69 of the Act were made by the Assessing Officer in the captioned A.Ys.
The assessee carried the matter before the ld. CIT(A) but without any success.
Before us, the ld. counsel for the assessee vehemently stated that cash payments have been made out of withdrawals made from bank and the assessee has successfully given documentary evidences with respect to source of investment in properties.
The ld. DR supported the findings of the Assessing Officer/ld.
CIT(A).
We have carefully perused the assessment order. We find that the assessment order is silent about the withdrawals made from bank accounts nor there is any reference to any bank account. We are of the considered view that in light of the statement made by the ld. counsel for the assessee, it would be in the interest of justice to restore the issue to the file of the Assessing Officer. The assessee is directed to furnish bank statements and other necessary evidences to explain the source of investment in properties and the Assessing Officer is directed to examine the same and decide the issue afresh after giving reasonable and fair opportunity of being heard to the assessee.
In the result, all the four appeals of the assessee in ITA Nos.
3570/DEL/2018, 7339/DEL/2017, 7340/DEL/2017 and 7341/DEL/2017 are allowed for statistical purposes.
The order is pronounced in the open court on 08.12.2021.
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- Naresh Chandra Khattar, Agra vs ITO Ward-1(1)(2), AgraITA 475/AGR/2026[2019-20]Status: Disposed16 Oct 2026AY 2019-20
- Ranchhodbhai Kurjibhai Kakadiya, Rajkot vs Income Tax Officer, Ward-1(1)(1), RajkotITA 553/RJT/2025[2019-20]Status: Disposed16 Oct 2026AY 2019-20
- Gorantla Rahul Kumar, Visakhapatnam vs The Asst. Commissioner of Income Tax…ITA 670/VIZ/2025[2021-22]Status: Disposed16 Oct 2026AY 2021-22
- Gorantla Rahul Kumar, Visakhapatnam vs The Asst. Commissioner of Income Tax…ITA 669/VIZ/2025[2020-21]Status: Disposed16 Oct 2026AY 2020-21
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