RAJENDRA AGARWAL,JAIPUR vs. DCIT, CENTRAL CIRCLE-1, JAIPUR

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ITA 573/JPR/2024Status: DisposedITAT Jaipur08 January 2025AY 2014-15Bench: SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member), SHRI NARINDER KUMAR (Judicial Member)32 pages

In favour of the Revenue: the assessee's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the additions made by the Assessing Officer regarding undisclosed advances and interest, as well as the disallowances for expenses with personal elements. The penalty levied under Section 271AAB was also confirmed.

What were the facts?

During a search operation, incriminating documents related to money lending and interest calculations were found at the assessee's residence. The assessee initially denied knowledge of these documents but later failed to provide satisfactory explanations for them during assessment proceedings.

What were the issues?

Whether the undisclosed advances and interest income found during search are taxable, and if disallowances for expenses with personal elements are justified. Also, whether the penalty for concealment of income is leviable.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 153A,Section 132(1),Section 132(4),Section 131(1),Section 40(a)(ia),Section 271AAB

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, JAIPUR BENCHES,”A-Bench” JAIPUR

Before: SHRI RATHOD KAMLESH JAYANTBHAI, AM & SHRI NARINDER KUMAR, JM vk;dj vihy la-@ITA. No. 558 & 559/JPR/2024

Hearing: 07/01/2025Pronounced: 08/01/2025
38.

In view of the above discussion and findings, we are of the considered opinion that there is no illegality or irregularity in the assessment orders relating to the two assessment years under consideration i.e. 2013-14 and 2014-15, or in the impugned orders passed by Learned CIT(A). Consequently, both the appeals and as regards the quantum assessments are hereby dismissed. ITA No.572/JP/2024 and ITA No.573/JP/2024 39. First mentioned appeal been filed, while challenging order dated 29.02.2024 passed by the Learned CIT(A), Jaipur, whereby penalty order u/s 271AAB of the Act, has been upheld.

Vide penalty order, pertaining to the aforesaid assessment year i.e. AY 2013-14, the Assessing Officer levied penalty of Rs. 35,65,000/- ( i.e. @ of 30% of the abovementioned undisclosed income of Rs. 1,18,83,333/-).

559, 572 & 573/JPR/2024 Sh. Rajendra Agarwal As noticed above, the appeal filed qua the quantum assessment stands dismissed. In view of the above findings and having regard to the provisions of section 271AAB(1)(c) of the Act, no fault can be found with the penalty order. Consequently, this appeal is hereby dismissed.

40.

As noticed above, vide assessment order dated 31.03.2016 under challenge by way of the Assessing Officer made addition of Rs. 25,00,000/-, while calculating total income of the assessment year 2014-15. As regards the said amount, the Assessing Officer also passed penalty order on the same date i.e. 26.03.2019 and levied penalty of Rs. 13,95,000/-, on the total undisclosed income of Rs. 46,50,000/- as per provisions of clause (c) of sub-section (1) of section 271AAB of the Act.

41.

As noticed above, the appeal filed qua the quantum assessment stands dismissed. In view of the above findings and having regard to the provisions of section 271AAB(1)(c) of the Act, no fault can be found with the penalty order. Consequently, this appeal is also hereby dismissed.

559, 572 & 573/JPR/2024 Sh. Rajendra Agarwal 42. Copy of the common judgment be also placed in the connected appeal files, for record. 43. Appeal files be consigned to the record room, after the needful is done by the office.

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