M/S. ALPESH BABUBHAI PANCHAL,SURAT vs. THE INCOME TAX OFFICER, WARD-2(3)(1), SURAT

ITA 2078/AHD/2016Status: DisposedITAT Surat11 January 2019AY 2007-085 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the 'Sathakhat' lacked evidentiary value as it was unsigned, undated, and unstamped. The registered sale deed, prepared by an independent advocate, showed the consideration as Rs. 4 lakhs.

What were the facts?

The Assessing Officer (AO) made an addition of Rs. 6,50,000/- as unaccounted investment based on an unsigned, undated, and unstamped 'Sathakhat' found on a CD. The assessee had a registered sale deed for Rs. 4 lakhs for the property.

What were the issues?

Whether an addition can be made based on an unsigned and undated 'Sathakhat' when a registered sale deed exists, and whether the AO properly assumed jurisdiction.

Which sections of the Income-tax Act were involved?

Section 147,Section 148

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, SURAT BENCH, SURAT

Before: SMT.DIVA SINGH & SHRI O.P.MEENA

For Respondent: Shri P.S.Choudhary – Sr.DR

PER O.P.MEENA, AM:

1.

This appeal filed by the Assessee is directed against the order of the learned Commissioner of Income Tax (Appeals)-II, Surat dated 02.05.2016 for the assessment year 2007-08. 2. The ground raised by the assessee read as under : 1. “On the facts and circumstances of the case as well as law on the subject, the assessing officer has erred in assuming juri iction u/s

The order continues below.

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