SACHIN COTSPIN LTD,MUMBAI vs. CIT (A)-9, MUMBAI

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ITA 5049/MUM/2015Status: DisposedITAT Mumbai23 November 2016AY 2005-064 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found that the adverse material was not clearly confronted to the assessee, and additions were made based on third-party information without independent corroboration. The matter was restored to the AO for proper confrontation and opportunity to the assessee.

What were the facts?

The assessee's case was reopened based on information that the assessee was a beneficiary of bogus share transactions. The Assessing Officer (AO) made additions as unexplained investments, which were upheld by the CIT(A). The assessee did not appear for hearings.

What were the issues?

Whether additions made based on seized material from third parties, without proper confrontation to the assessee, are valid. Whether the assessee was provided with adequate opportunity to disprove the transactions.

Which sections of the Income-tax Act were involved?

Section 132,Section 133(6),Section 148,Section 69

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “H” BENCH, MUMBAI

Before: SHRI SAKTIJIT DEY, JM & SHRI MANOJ KUMAR AGGARWAL, AM

For Appellant: Shri K.C.Kanojia, DR
For Respondent: Shri K.C.Kanojia, DR

आदेश की प्रनिलऱपप अग्रेपषि/Copy of the Order forwarded to : अऩीराथी / The Appellant 1. प्रत्मथी / The Respondent 2. आमकय आमुति(अऩीर) / The CIT(A) 3. आमकय आमुति / CIT – concerned 4. ववबागीम प्रयियनधध, आमकय अऩीरीम अधधकयण, भुंफई / DR, ITAT, Mumbai 5. गार्ड पाईर / Guard File 6. आदेशाि सार/ BY ORDER,

उप/सहायक पुंजीकार (Dy./Asst. Registrar) आयकर अपीऱीय अधिकरण, भुंफई / ITAT, Mumbai

Sr. No. Details Date Initials Designation 1 Draft dictation sheets are attached 16.11.16 Sr.PS/PS 2 Draft dictated on 16.11.16 Sr.PS/PS 3 Draft Placed before author Sr.PS/PS 4 Draft proposed & placed before the JM/AM Second Member 5 Draft discussed/approved by Second JM/AM Member 6 Approved Draft comes to the 22.11.16 Sr.PS/PS Sr.PS/PS 7 Order pronouncement on 23.11.16 Sr.PS/PS 8 File sent to the Bench Clerk 23.11.16 Sr.PS/PS 9 Date on which the file goes to the Head clerk 10 Date on which file goes to the AR 11 Date of Dispatch of order

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