DEPUTY COMMISSIONER, CHENNAI vs. NATARAJAN, COIMBATORE
What did the Tribunal hold?
The Tribunal upheld the order of the CIT(A), stating that the addition was made solely on the basis of loose sheets and a third-party statement without any corroborative evidence linking the assessee to the alleged cash transactions. The Tribunal also upheld the deletion of penalty under Section 271D for similar reasons.
What were the facts?
The Assessing Officer made an addition of Rs. 6 crores as unexplained investment based on loose sheets and a statement from a third party. The assessee argued that no incriminating material was found from their premises and the third-party evidence lacked corroboration. The CIT(A) had allowed the assessee's appeal.
What were the issues?
Whether additions and penalties can be sustained solely on the basis of third-party statements and documents without corroborative evidence linking the assessee. Whether the burden of proof was discharged by the revenue to establish the alleged cash transactions and violations.
Which sections of the Income-tax Act were involved?
Section 69A,Section 69,Section 115BBE,Section 269SS,Section 271D,Section 131,Section 132(4),Section 132(4A),Section 292C
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, ‘C’ BENCH: CHENNAI
Before: HON’BLE SHRI MANU KUMAR GIRI
PER MANU KUMAR GIRI (Judicial Member):
The captioned appeals filed by the assessee are directed
against different orders of the Ld. Commissioner of Income Tax
(Appeals), CIT(A), Chennai-19 [‘CIT(A)’ in short] dated
2024 (In quantum proceedings) for AY 2021-22 and dated
2024 (In penalty proceedings u/s.271D) for
The order continues below.
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