DCIT, CENTRAL CIRCLE-2(1), CHENNAI vs. M/S HILL MAX EXPORT, COIMBATORE

ITA 742/CHNY/2023Status: DisposedITAT Chennai24 January 2024AY 2016-17Bench: SHRI MAHAVIR SINGH, HON’BLE (Vice President), SHRI MANJUNATHA. G, HON’BLE (Accountant Member)36 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the Assessing Officer failed to apply his mind to the available material and made the addition without proper verification. The CIT(A) had rightly deleted the addition after considering the relevant facts and evidence.

What were the facts?

The revenue appealed against the deletion of an addition of Rs. 5,25,00,000/- made towards unexplained investment under section 69B. This addition was based on the difference between a sale agreement and registered sale deeds for property purchased by the assessee.

What were the issues?

Whether the addition on account of unexplained investment under Section 69B was justified, and if the proceedings under Section 153C were legally valid.

Which sections of the Income-tax Act were involved?

Section 69B,Section 144,Section 153C,Section 142(1)

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Cases cited in this judgment(1)Show list

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Income Tax Appellate Tribunal, ‘B’ BENCH, CHENNAI

Before: SHRI MAHAVIR SINGH, HON’BLE & SHRI MANJUNATHA. G, HON’BLE

Hearing: 28.12.2023Pronounced: 24.01.2024

PER MANJUNATHA. G, ACCOUNTANT MEMBER:

This appeal filed by the revenue and cross objection filed by the assessee are directed against common order passed by the learned Commissioner of Income Tax (Appeals)-19, Chennai, dated 20.04.2023 and pertains to assessment year 2016-17. Since, facts are identical and issues are c

The order continues below.

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