RAJENDRA SAHU,KATNI vs. INCOME TAX OFFICER-1, , KATNI
What did the Tribunal hold?
The Tribunal held that the addition of Rs. 15,70,000/- under Section 69A was not sustainable as the bank account was not in the assessee's name. The Tribunal also noted that additions were made in the hands of the employee for the same investment, and remanded the matter for fresh adjudication.
What were the facts?
The Assessing Officer (AO) initiated reassessment proceedings against the assessee based on information suggesting benami investment in property through an employee. The AO added unexplained investment and short-term capital gains, which were upheld by the CIT(A).
What were the issues?
Whether the additions made under Section 69A for unexplained bank credits are valid when the account is not in the assessee's name. Whether the addition of short-term capital gains is justified when similar additions were made in the hands of the alleged benamidar.
Which sections of the Income-tax Act were involved?
Section 147,Section 144,Section 144B,Section 69,Section 69A,Section 48,Section 50C
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, JABALPUR BENCH, JABALPUR
Before: SH. KUL BHARAT & SH. NIKHIL CHOUDHARY
PER NIKHIL CHOUDHARY, A.M.
This is an appeal filed by the assessee against the order of the ld. CIT(A), NFAC dated 20.10.2023 wherein the ld. CIT(A) has dismissed the appeal of the assessee against the orders passed by the Assessing Officer under section 147 r.w.s. 144 r.w.s. 144B of the Income Tax Act on 26.03.2022. The grounds of appeal are as under:- “(1) The order passed by the Ld CIT (A) is bad in law and facts, void ab initio and without juri iction. (2) The Ld CIT (A) erred in law and facts of the case in sustaining the order, when notice issued u/s 148 is defective. There is no application of mind of Ld AO and also of sanctioning authority. (3) The Ld CIT (A) erred in law and facts of the case in sustaining the
The order continues below.
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