GARGI GLOBAL ACADEMY SANSTHAN,SIKAR vs. DCIT, CENTRAL CIRCLE-2, JAIPUR, JAIPUR

ITA 260/JPR/2024Status: DisposedITAT Jaipur05 July 2024AY 2016-17Bench: DR. S. SEETHALAKSHMI (Judicial Member)1 pages
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What did the Tribunal hold?

The Tribunal held that the difference amount paid for the land purchase could not be added to the assessee trust's income as the source of funds was accepted as the trustees' undisclosed income, which was already offered for tax. The onus was on the revenue to prove the funds were spent elsewhere, which they failed to do.

What were the facts?

During a search, a sale deed for land was found with a recorded consideration of Rs. 15,00,000, but seized mobile data indicated a higher sale consideration of Rs. 1,92,17,000. The assessee claimed the difference of Rs. 1,77,67,000 was paid by its trustees from their undisclosed income offered for tax.

What were the issues?

Whether the difference in sale consideration for land, claimed to be paid by trustees from their disclosed income, can be added as unexplained investment in the hands of the assessee society. Whether Section 115BBE is applicable to the assessment year in question.

Which sections of the Income-tax Act were involved?

Section 69,Section 153C,Section 132,Section 133A,Section 143(3),Section 142(1),Section 127,Section 115BBE,Section 271D,Section 271E

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Income Tax Appellate Tribunal, JAIPUR BENCHES,”B” JAIPUR

Before: DR. S. SEETHALAKSHMI, JM & SHRI RATHOD KAMLESH JAYANTBHAI, vk;dj vihy la-@ITA No. 203/JP/2024

Hearing: 14/05/2024Pronounced: 05/07/2024

Heard together (2 matters)

ITA No. 203/JP/2024
ITA No. 260/JP/2024

Read from the judgment's own cause title. This page is filed under one of them.

PER: RATHOD KAMLESH JAYANTBHAI, AM

These two appeals filed by assessee are arising out of the order of the Commissioner of Income Tax (Appeals)-4, Jaipur dated 28/12/2023 & Vivek

The order continues below.

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