DCIT CENTRAL, BHOPAL vs. SHARAD SHARMA, BHOPAL

ITA 304/IND/2023Status: DisposedITAT Indore19 July 2024AY 2015-16Bench: SHRI VIJAY PAL RAO (Judicial Member), SHRI B.M. BIYANI (Accountant Member)64 pages
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What did the Tribunal hold?

The Tribunal held that the presumption under Section 132(4A) is rebuttable. Since the assessee provided evidence that the seized documents and transactions related to a partnership firm, and these were recorded in the firm's books, the additions made by the AO were not sustainable.

What were the facts?

During a search operation, loose papers were seized from the assessee. The Assessing Officer (AO) made additions based on these papers, presuming them to belong to the assessee and their contents to be true. The assessee argued that the documents pertained to a partnership firm, not him personally.

What were the issues?

Whether additions can be made based on seized loose papers without rebutting the assessee's explanation that they pertain to a partnership firm? Whether the presumption under Section 132(4A) is conclusive or rebuttable?

Which sections of the Income-tax Act were involved?

Section 132(4A),Section 153A,Section 143(3)

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Income Tax Appellate Tribunal, INDORE BENCH, INDORE

Before: SHRI VIJAY PAL RAO & SHRI B.M. BIYANIShri Sharad Sharma,

For Appellant: Shri Kunal Agrawal
For Respondent: Shri Ram Kumar Yadav, CIT
Hearing: 29.05.2024Pronounced: 19.07.2024

Per B.M. Biyani, A.M.:

Feeling aggrieved by a consolidated appeal-order dated 09.06.2023 passed

by Commissioner of Income-tax (Appeal)-3, Bhopal [“CIT(A)”] which in turn arises out of a consolidated assessment-order dated 27.12.2017 passed by ACIT (Central), Gwalior (stationed at Bhopal) [“AO”] u/s 153A/143(3) of the Shri Sharad Sharma IT(SS)A Nos. 29 & 32/Ind/2023 and

The order continues below.

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