DCIT, NEW DELHI vs. TUSHAR KUMAR, NEW DELHI

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ITA 3780/DEL/2010Status: DisposedITAT Delhi10 February 2021AY 2007-083 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 additions made by the Revenue were unwarranted, referencing a previous decision in a related case. Therefore, the appeal filed by the Revenue was dismissed.

What were the facts?

The Revenue appealed against the CIT(A)'s order deleting additions made on a protective basis. These additions pertained to undisclosed income from the sale of flats and undisclosed expenditure for acquiring rights in a housing society.

What were the issues?

Whether the additions made on a protective basis towards undisclosed income and expenditure were justified, considering the seized documents and relevant sections of the Income Tax Act.

Which sections of the Income-tax Act were involved?

Section 132(4A),Section 292-C

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH ‘C’, NEW DELHI

Before: Sh. Amit ShuklaDr. B. R. R. Kumar

For Respondent: Ms. Sunita Singh, CIT DR
Hearing: 13.01.2021Pronounced: 10.02.2021

Per Dr. B. R. R. Kumar, Accountant Member:

1.

The present appeal has been filed by the revenue against the order of ld. CIT(A)-1, New Delhi dated 28.05.2010.

2.

Following grounds have been raised by the revenue: “1. The order of the Ld. CIT (Appeals) is not correct in law and facts.

2. On the facts and circumstances of the case, the Learned CIT(A) has erred in law and on facts in deleting addition of Rs.1,25,00,000/- on protective basis, towards undisclosed income on sale of flats as recorded in documents seized during search in GTM Group and impounded during survey under section 133A in M/s Haryana Citizen Co-op Housing Society,

showing payments to the assessee while ignoring the provisions of section 132(4A) and 292-C of income tax Act, 1961. Learned CIT(A) has also deleted the addition of substantive basis in the case of Ms GTM Builders and Promoters Pvt. Ltd.

3. On the facts and circumstances of the case, the Learned CIT(A) has erred in law and on facts in deleting addition of Rs. 1,80,00,000/- on protective basis, towards undisclosed expenditure for acquiring certain rights in Wings CGHS Limited, Gurqaon, on the basis of seized documents while ignoring the provisions of section 132(4A) and 292-C of Income Tax Act, 1961. Learned CIT(A) has also deleted the addition of substantive basis in the case of M/s GTM Builders and Promoters Pvt. Ltd.”

Undisclosed income on sale of flats of Haryana Citizen Co- op Housing Society and Wings CGHS Limited:

3.

The ground nos. 2 & 3 of the appeal of the revenue deals with undisclosed income assessed in the hands of the assessee on protective basis. The amounts were held to be received from M/s Haryana Citizen Co-op Housing Society and Wings CGHS Limited, Gurqaon. The matter has already been dealt in the case of GTM Builders & Promoters Pvt. Ltd. in AY 2007- 08 while dealing with the Ground Nos. 7 & 8 income from the Cooperative Societies vide para no. 30 to 38 wherein it was held that the addition was unwarranted.

4.

Hence, the appeal of the revenue on this ground is liable to be dismissed.

5.

In the result, the appeal of the revenue is dismissed. Order Pronounced in the Open Court on 10/02/2021.

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