SRI PRAKASH BHAJANDAS TALREJA,BENGALURU vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), BENGALURU

ITA 1064/BANG/2023Status: HeardITAT Bangalore22 March 2024AY 2016-17Bench: SHRI CHANDRA POOJARI (Accountant Member), SMT. BEENA PILLAI (Judicial Member)1 pages
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What did the Tribunal hold?

The Tribunal held that the addition made by the AO and sustained by the CIT(A) was deleted in the quantum appeal because it was based on uncorroborated loose slips without cogent evidence. Consequently, the penalty levied under Section 271AAB could not stand.

What were the facts?

During a search on M/s Coffee Day Global Ltd., documents related to the assessee's money lending business were found. The assessee's statement under Section 132(4) admitted an undisclosed income of Rs. 1 crore. The Assessing Officer (AO) made additions based on loose slips and the assessee's statement.

What were the issues?

Whether the conditions precedent for invoking Section 153C were satisfied and if the penalty under Section 271AAB was justified when the underlying addition was deleted due to lack of evidence.

Which sections of the Income-tax Act were involved?

Section 153C,Section 69,Section 271AAB,Section 132(4)

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Income Tax Appellate Tribunal, “B’’ BENCH: BANGALORE

Before: SHRI CHANDRA POOJARI & SMT. BEENA PILLAI

For Appellant: Shri V. Srinivasan, A.R
For Respondent: Shri G. Manoj Kumar, D.R
Hearing: 01.02.2024Pronounced: 22.03.2024

PER CHANDRA POOJARI, ACCOUNTANT MEMBER:

The appeals in ITA Nos.1061, 1062, 1063, 1065 & 1066/Bang/2023 are emanated from the common order of CIT(A) Central Circle, Bengaluru for the assessment years 2014-15 to 2018-19 dated 16.11.2023. ITA No.1064/Bang/2023 is emanated from the order of CIT(A) dated 11.8.2023 for the assessment year 2016-17 with regard to levy of penalty u/s 271AAB of the Income Tax Act, 1961 (in short “The Act”). Since the issue in all these appeals is common in nature, these are clubbed together, heard tog

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