SMT. MANJU KEDIA vs. A.C.I.T. 2(1), RAIPUR (CG)

ITA 107/BIL/2015Status: DisposedITAT Raipur16 August 2018AY 2004-054 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal noted that the basis of the addition did not refer to any incriminating material and that the CIT(A) had not adjudicated the issue of the applicability of Section 153C. Therefore, the issue was restored to the Assessing Officer for fresh adjudication.

What were the facts?

The assessee showed credit balances in her balance sheet from two individuals. The Assessing Officer added these amounts to the assessee's income as loans taken in cash, as the assessee failed to substantiate their genuineness and creditworthiness.

What were the issues?

Whether the addition made under Section 68 was justified without incriminating material, and whether Section 153C was correctly invoked.

Which sections of the Income-tax Act were involved?

Section 68,Section 153C

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, RAIPUR BENCH, RAIPUR

Before: SHRI R. K. PANDA & MS. SUCHITRA KAMBLE

For Appellant: Shri R.B. Doshi, CA
For Respondent: Shri Sanjay Kumar, DR

PER R. K. PANDA, AM : This appeal filed by the assessee is directed against the order dated 26.03.2015 of the ld. CIT(A)- 1, Raipur (CG) relating to assessment year 2004-05. 2. Facts of the case, in brief, are that the assessee is an individual and filed her return of income on 31.03.2005 declaring total income of Rs.1,39,040/-. On the basis of search carried out at the premises of Shri Ramesh Kedia and others on 23.03.2006, the notice u/s 153C was issued in the name of the assessee. The assessee earned income from salary and income from other sources. During the course of assessment proceedings, the Assessing Officer noted that the assessee

2 has shown a credit balance in her Balance Sheet in the name of Shri

Ramnaraya

The order continues below.

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