RATANLAL C. BAFNA,JALGAON vs. DEPUTY COMMISSIONER OF INCOME-TAX, JALGAON

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ITA 1/PUN/2016Status: DisposedITAT Pune19 October 2022AY 2005-0614 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal held that if the income from the entries found in the searched group's diary was declared by the searched person as their own income, then no addition should sustain in the assessee's hands. Otherwise, the additions would stand. The matter was restored to the Assessing Officer for re-verification.

What were the facts?

The assessee's appeals relate to additions made by the Assessing Officer following search operations in a group of cases. The additions pertained to loans/advances and interest received, along with gold and silver transactions.

What were the issues?

The key issues were the validity of reassessment proceedings under Section 147/148 and the sustainability of additions based on seized documents, particularly concerning potential double taxation and the applicability of Section 153C.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 147,Section 148,Section 153C,Section 132,Section 292C

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Cases cited in this judgment(2)Show list

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Income Tax Appellate Tribunal, “B” BENCH, PUNE

Before: SHRI S.S.GODARA, JM & SHRI DR. DIPAK P. RIPOTE, AM

For Appellant: Shri Sunil Ganoo
For Respondent: Shri M.G.Jasnani
Hearing: 10.10.2022Pronounced: 19.10.2022

आदेश की प्रधतधलधप अग्रेधषत / Copy of the Order forwarded to : अपीलाथी / The Appellant. 1. प्रत्यथी / The Respondent. 2. 3. The CIT(A)-12, Pune. 4. The JCIT Circle Range, Nashik. धवभागीय प्रधतधनधध, आयकर अपीलीय अधधकरण, “बी” बेंच, 5. पुणे / DR, ITAT, “B” Bench, Pune. गार्ा फ़ाइल / Guard File. 6. आदेशानुसार / BY ORDER, // True Copy //

Senior Private Secretary आयकर अपीलीय अधधकरण, पुणे / ITAT, Pune.

14 to 03/PUN/2016 A.Y. : 2005-06 to 2007-08 Shri Ratanlal C. Bafna, S.No. Details Date Initials 1 Draft dictated on 11.10.2022 2 Draft placed before author 19.10.2022 Draft proposed & placed before the Second 3 Member 4 Draft discussed/approved by Second Member 5 Approved Draft comes to the Sr. PS/PS 6 Kept for pronouncement on 7 Date of uploading of Order 8 File sent to Bench Clerk 9 Date on which the file goes to the Head Clerk 10 Date on which file goes to the A.R. 11 Date of Dispatch of order

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