ACIT CENTRAL-2, BHOPAL vs. SHRI SANJEEV AGRAWAL, BHOPAL

ITA 87/IND/2021Status: DisposedITAT Indore09 May 2023AY 2012-13Bench: SHRI CHANDRA MOHAN GARG (Judicial Member), SHRI BHAGIRATH MAL BIYANI (Accountant Member)48 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal restored the issues concerning 'on money' payments for land purchases to the CIT(A) for fresh adjudication. The Tribunal found that the CIT(A) had made observations without obtaining comments from the AO and had misconstrued facts regarding the utilization of cash received by sellers.

What were the facts?

The Revenue appealed against the CIT(A)'s order deleting additions made by the AO on account of voluntary surrender, unexplained transactions, overdraft interest, and on-money payments for land purchase. The assessee had initially surrendered a large sum during a search but later reduced it, leading to the AO's additions.

What were the issues?

Whether the CIT(A) erred in deleting additions based on voluntary surrender without proper verification, and whether the CIT(A) correctly deleted additions related to 'on money' payments without considering the AO's findings and seeking his comments.

Which sections of the Income-tax Act were involved?

Section 132(4),Section 69B,Section 69

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Income Tax Appellate Tribunal, INDORE BENCH: DB: INDORE

Before: SHRI CHANDRA MOHAN GARG & SHRI BHAGIRATH MAL BIYANI

Hearing: 22.02.2023Pronounced: 09.05.2023

PER CHANDRA MOHAN GARG, J.M.

This appeal filed by the Revenue is directed against the order dated 14.08.2020 of the Ld. CIT(A), Bhopal, relating to Assessment Year 2012-13. 2. The grounds of appeal raised by the revenue read as under:- 1. On the facts and in the circumstances of the case, the Id. CIT(A) erred in deleting the addition of Rs. 6,50,00,000/- made Shri Sanjeev Agrawal by the Assessing officer on account of voluntary surrender u/s 132(4) of the Income Tax Act, 1961. 2. On the facts and in the circumstances of the case, the Id. CIT(A) erred in deleting the addition of Rs. 75,61,000/- and Rs. 6,25,000/- made by the Assessi

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