INCOME TAX OFFICER,WARD-1,AHMEDNAGAR, AHMEDNAGAR vs. NARENDRA SAMPATLAL BAFNA, AHMEDNAGAR

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ITA 688/PUN/2024Status: DisposedITAT Pune19 August 2024AY 2017-18Bench: SHRI R. K. PANDA (Vice President), SHRI VINAY BHAMORE (Judicial Member)29 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that additions cannot be made merely on the basis of a statement recorded under section 132(4) of the Act without corroborative evidence. The presumption under section 132(4A) is applicable only to the searched person and not to third parties.

What were the facts?

The Assessing Officer reopened the assessment based on information that the assessee took a cash loan of Rs. 6,20,00,000/- through a finance broker, which was not reflected in the return of income. The addition was made based on the statement of the finance broker recorded under section 132(4).

What were the issues?

Whether an addition can be made based solely on the statement of a third party recorded under section 132(4) without corroborative evidence? Whether the presumption under section 132(4A) can be extended to third parties?

Which sections of the Income-tax Act were involved?

Section 132(4),Section 132(4A),Section 69A

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Income Tax Appellate Tribunal, PUNE BENCH “A”, PUNE

Before: SHRI R. K. PANDA & SHRI VINAY BHAMORE

For Appellant: Shri Prasad Bhandari
For Respondent: Shri Keyur Patel, CIT

आदेश की प्रतितिति अग्रेतिि/Copy of the Order is forwarded to: 1. अपीलार्थी / The Appellant; 2. प्रत्यर्थी / The Respondent 3. The concerned Pr.CIT, Pune 4. DR, ITAT, ‘A’ Bench, Pune 5. गार्ड फाईल / Guard file. आदेशानुसार/ BY ORDER, // True Copy //

Senior Private Secretary आयकर अपीलीय अधिकरण ,पुणे / ITAT, Pune

S.No. Details Date Initials Designation 1 Draft dictated on 12/13.08.2024 Sr. PS/PS 2 Draft placed before author 13.08.2024 Sr. PS/PS Draft proposed & placed before the 3 JM/AM Second Member Draft discussed/approved by 4 AM/AM Second Member Approved Draft comes to the Sr. 5 Sr. PS/PS PS/PS 6 Kept for pronouncement on Sr. PS/PS 7 Date of uploading of Order Sr. PS/PS 8 File sent to Bench Clerk Sr. PS/PS Date on which the file goes to the 9 Head Clerk 10 Date on which file goes to the A.R. 11 Date of Dispatch of order

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