SRI GOLUGURI NAGI REDDY,VIJAYAWADA vs. AASISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, RAJAHMUNDRY

ITA 140/VIZ/2022Status: DisposedITAT Visakhapatnam28 February 2023AY 2017-18Bench: SHRI DUVVURU RL REDDY, HON’BLE (Judicial Member), SHRI S BALAKRISHNAN, HON’BLE (Accountant Member)18 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal condoned the delay in filing the appeal. It was held that the notice under Section 153A was invalid as no incriminating material was found in the assessee's premises. However, the addition of Rs. 25 lakhs as unexplained investment was confirmed.

What were the facts?

The assessee's appeal was delayed by 81 days due to lack of education and unawareness of tax procedures. The case involved a search operation where an affidavit detailing an investment of Rs. 25 lakhs was found, but no corroborating evidence was found in the assessee's premises.

What were the issues?

The primary issues were the validity of the notice issued under Section 153A and the treatment of an investment of Rs. 25 lakhs as unexplained.

Which sections of the Income-tax Act were involved?

Section 153A,Section 69

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, VISAKHAPATNAM BENCH, VISAKHAPATNAM

Before: SHRI DUVVURU RL REDDY, HON’BLE & SHRI S BALAKRISHNAN, HON’BLE

For Appellant: CA याथकओरसे/
Hearing: 16/02/2023

Heard together (2 matters)

I.T.A. No.139/Viz/2022
I.T.A. No.140/Viz/2022

Read from the judgment's own cause title. This page is filed under one of them.

PER S. BALAKRISHNAN, Accountant Member :

Both the captioned appeals are filed by the assessee against the orders of the Ld. Commissioner of Income Tax-12, Hyderabad [Ld. CIT(A)]

2 in appeal

The order continues below.

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