DCIT,CC- 8(4), MUMBAI vs. ASHOK R. RUIA (HUF), MUMBAI

ITA 6309/MUM/2019Status: DisposedITAT Mumbai28 February 2022AY 2008-0943 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the AO's presumption that '#' symbol meant cash was not supported by evidence and was contradictory. The addition was based on rough working and estimates, not concrete proof.

What were the facts?

During a search operation, loose papers detailing a family settlement involving share transactions were seized. The Assessing Officer (AO) presumed a symbol '#' on these papers meant 'cash' and made an addition based on this presumption.

What were the issues?

Whether the addition made by the AO based on a presumption about a symbol in seized documents is sustainable without corroborating evidence.

Which sections of the Income-tax Act were involved?

Section 132

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Cases cited in this judgment(18)Show list

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Income Tax Appellate Tribunal, VIRTUAL COURT

Before: SHRI S. RIFAUR RAHMAN, HONBLE & SHRI AMARJIT SINGH, HONBLE

For Appellant: Shri Vijay Mehta
For Respondent: Shri Shailja Rai
Hearing: 06.01.2022Pronounced: 28.02.2022

PER S. RIFAUR RAHMAN (AM)

1.

This appeal is filed by the Revenue against orders of the Learned Commissioner of Income Tax (Appeals)–50, Mumbai [hereinafter in short “Ld.CIT(A)”] dated 16.07.2019 for the A.Y. 2008-09. 2. Brief facts of the case are that, a search and seizure operation u/s.132 of Income-tax Act, 1961 (in short “Act”) was carried out on the 2 ITA NOs. 6309/MUM/2019 (A.Y. 2008-09) M/s. Ashok R Ruia Phoenix Group of cases on 20.02.2008. During the course of the said search operation at the Corporate Office of M/s Phoenix Mill Ltd (for shor

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