SHRI KAILASH CHAND GARG,INDORE vs. THE DCIT, RATLAM

ITA 262/IND/2015Status: DisposedITAT Indore16 January 2018AY 2005-066 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal found that the assessee's contention of a mistake ought to have been verified and rebutted by the authorities below. Therefore, the matter was restored to the AO for fresh verification of the assessee's claim.

What were the facts?

The Assessing Officer (AO) made an addition of Rs. 2,26,30,000/- under Section 69 for unexplained investment in the share capital of M/s. Ambika Solvex Ltd. The assessee contended that the amount appearing in the notes of account was a mistake and that the actual investment was much lower.

What were the issues?

Whether the addition made by the AO on account of unexplained investment in share capital was justified, and whether the assessee's claim of a clerical error in the accounts was adequately addressed.

Which sections of the Income-tax Act were involved?

Section 69,Section 147,Section 148,Section 282

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, INDORE BENCH, INDORE

Before: SHRI KUL BHARAT & SHRI MANISH BORAD

For Appellant: Shri Sumit Nema Sr. Advt. & Shri
For Respondent: Shri K.G. Goyal Sr. DR
Hearing: 10.01.2018Pronounced: 16.01.2018

PER KUL BHARAT, J.M: This appeal by the Assessee is directed against the order of Ld. Commissioner of Income Tax(Appeals)-I, Indore, (in short ‘CIT(A)’), dated 30.09.2014 pertaining to A.Y. 2011-12. The assessee has raised the following grounds of appeal:

1.

On the facts and circumstances of the case and law, Learned CIT(A) erred in upholding issuance of notice u/s 148 of the Kailash Chandra Garg

Income tax by Assessing Officer for reopening of assessment proceedings of appellant and consequent assessment order passed by Assessing Officer.

2.

The learned Respondent and CIT(A) failed to appreciate provision of Section 147 read with section 282 of

The order continues below.

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