NAYAN ARVIND LALAN,MUMBAI vs. ITO, 24(1)(5), MUMBAI

ITA 704/MUM/2019Status: DisposedITAT Mumbai28 April 2022AY 2012-1320 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal set aside the appeals and remanded them to the Assessing Officer for further investigation. The AO was directed to gather more information regarding the account's operation, beneficiaries, and potential money laundering activities.

What were the facts?

The assessee's bank account, allegedly opened in the name of M/s PK Trading Company, saw significant credit transactions. The assessee denied knowledge of this account, claiming it was opened fraudulently using his identity and forged signatures.

What were the issues?

Whether the unexplained credit entries in the bank account should be added to the assessee's income, and whether the bank account was indeed operated fraudulently by the assessee.

Which sections of the Income-tax Act were involved?

Section 68,Section 131,Section 133(6),Section 147

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Cases cited in this judgment(3)Show list

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Income Tax Appellate Tribunal, “B” BENCH, MUMBAI

Before: SHRI PRASHANT MAHARISHI, AM & SHRI AMARJIT SINGH, JM

For Respondent: Shri C.T. Mathews, DR
Hearing: 20.04.2022

Heard together (2 matters)

ITA No. 702/Mum/2019
ITA No. 704/Mum/2019

Read from the judgment's own cause title. This page is filed under one of them.

PER PRASHANT MAHARISHI, AM: ITA’s No.701-705/Mum/2019 Nayan Arvind Lalan; AY 09-10 to 13-14

01.

These are five appeals filed by the assessee from Assessment Years 2009-10 to 2013-14 involving similar facts and therefore disposed off by this common order.

02.

ITA No. 701/Mum/2019 is filed for Assessment Year 2009-10 against the order of the learned Commissioner of income-tax (Appeal)-33, Mumbai [the learned CIT(A)], wherein the addition of ₹5,03,23,960/- deposited in the bank account of M/s PK Trading Company was added as income of the assessee as unexplained cash credit. Simil

The order continues below.

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