ACIT., CENTRAL CIRCLE 2(2), HYDERABAD vs. SPECTRA INDIA ECO PROJECTS PRIVATE LIMITED, HYDERABAD

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ITA 797/HYD/2024Status: DisposedITAT Hyderabad08 January 2025AY 2019-20Bench: Shri Laliet Kumar, Judicial Member, Shri Madhusudan Sawdia (Accountant Member)3 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 assessee could not reconcile the entries in the seized documents with the income declared in the returns for the HUF and his father's name. Therefore, the additions made by the AO and sustained by the CIT(A) were upheld.

What were the facts?

During a search operation, loose sheets and diaries detailing the assessee's finance business were seized. The Assessing Officer (AO) made additions for unexplained investment in fixed deposits and income from the finance business, totaling Rs. 36,65,800, as these amounts were not declared in the return.

What were the issues?

Whether additions made by the AO based on seized documents related to finance business are sustainable when the assessee claims the income was offered in the hands of HUF and father, and whether the seized documents are admissible as evidence.

Which sections of the Income-tax Act were involved?

Section 132,Section 153A

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(4)Show list

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Income Tax Appellate Tribunal, Hyderabad ‘ A ‘ Bench, Hyderabad

आदेशकी प्रनतनलनप अग्रेनर्त/ Copy of the order forwarded to:-

1. 1. निर्धाररती/The Assessee : Karuturi Veera Venkata Ravi Prasad, R/o.1-130, Near Brahmana Veedhi, Vadapalli, Kovvur Mandal, Andhra Pradesh - 534350. 2. रधजस्व/ The Revenue : The Assistant Commissioner of Income Tax, Central Circle – 2(2), Hyderabad.

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