DCIT C.C. 3(4) CENTRAL .RG, MUMBAI vs. MR. VIJAY KUMAR THAKKAR, MUMBAI

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ITA 2227/MUM/2021Status: DisposedITAT Mumbai19 May 2022AY 2013-1419 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the Assessing Officer erred in making the addition solely on the basis of a retracted statement. The assessee had provided substantial corroborating evidence, including details of the loan, the Ponzi scheme, and legal proceedings against the borrowers, which the AO failed to disprove.

What were the facts?

During a search, WhatsApp messages indicated the assessee made an investment of Rs. 3.61 crores. The assessee initially stated this cash was given for investment but later retracted, claiming it was a loan with high interest to a party involved in a Ponzi scheme. The Assessing Officer added the amount as unexplained investment.

What were the issues?

Whether an addition made under Section 69B based on a retracted statement during search proceedings can be sustained without disproving the assessee's subsequent explanation and evidence.

Which sections of the Income-tax Act were involved?

Section 69B,Section 132(4),Section 143(3),Section 147,Section 148

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(3)Show list

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Income Tax Appellate Tribunal, “F” BENCH, MUMBAI

Before: SHRI AMARJIT SINGH & SHRI SANDEEP SINGH KARHAIL

Hearing: 27.04.2022Pronounced: 19.05.2022

आदेश की प्रतितिति अग्रेतिि/Copy of the Order forwarded to : 1. अपीलाथी / The Appellant 2. प्रत्यथी / The Respondent. 3. संबंधधत आयकर आयुक्त / The CIT(A) 4. आयकर आयुक्त(अपील) / Concerned CIT धिभागीय प्रधतधनधध, आयकर अपीलीय अधधकरण, अहमदाबाद / DR, ITAT, Mumbai 5. 6. गार्ड फाईल / Guard file.

आदेशानुसार/BY ORDER, सत्याधपत प्रधत //True Copy//

(Asst. Registrar) ITAT, Mumbai

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