CIT v. Sunil Agarwal (

369 ITR 171High Court2014#332 most cited

What is CIT v. Sunil Agarwal ( authority for?

An addition to income based solely on a statement recorded under section 132(4) is not sustainable if that statement has been retracted and there is no corroborative material.

254

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2015 to 2026.

Also referred to as

CIT v. Sunil Agarwal · 369 ITR 171 · section 132(4) · retracted statement · corroborative material · evidentiary value · search and seizure · undisclosed income

Sections most often in play

Section 143(3)Section 132(4)Section 153ASection 153CSection 147Section 69ASection 69CSection 132

Issues it is cited on

section 158b(b)section 158bb(1)section 153(a)section 158bbaccumulated profitsretracted statementsection 94section 2(22)section 2(22)(e)deemed dividendsection 268aretraction of statement

Judgments citing CIT v. Sunil Agarwal (

ACIT, Central Circle-3(3), Hyderabad vs. Venkata Praneeth Developers Private Limited, Hyderabad

The appeal of the assessee is dismissed

ITA 339/HYD/2022[2020-21]Status: DisposedITAT Hyderabad27 May 2024AY 2020-21

Bench: Shri Laliet Kumar & Shri Manjunatha, G.आ.अपी.सं /Ita No. 279/Hyd/2022 (िनधा"रण वष" / Assessment Year: 2020-21) Venkata Praneeth Vs. Acit Developers (P) Ltd, Central Circle 3(3) Hyderabad Hyderabad Pan:Aaccv4975A (Appellant) (Respondent) आ.अपी.सं /Ita No. 339/Hyd/2022 (िनधा"रण वष" / Assessment Year: 2020-21) Acit Vs. Venkata Praneeth Central Circle 3(3) Developers (P) Ltd, Hyderabad Hyderabad Pan:Aaccv4975A (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Shri Ravi Bharadwaj, Ca राज" व "ारा/Revenue By:: Shri Kumar Pranav, Dr सुनवाई की तारीख/Date Of Hearing: 06/05/2024 घोषणा की तारीख/Pronouncement: 27/05/2024

For Appellant: Shri Ravi Bharadwaj, CAFor Respondent: : Shri Kumar Pranav, DR
Section 132Section 139(1)Section 143(2)Section 143(3)

…ITA Nos 279 and 339 of 2022 Venkata Praneeth Developers P Ltd आयकर अपील"य अ"धकरण, हैदराबाद पीठ IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad ‘B‘ Bench, Hyderabad Before Shri Laliet Kumar, Judicial Member AND Shri Manjunatha, G. Accountant Member आ.अपी.सं /ITA No. 279/Hyd/2022 (िनधा"रण वष" / Assessment Year: 2020-21) Venkata Praneeth Vs. ACIT Developers (P) Ltd, Central Circle 3(3) Hyderabad Hyderabad PAN:AACCV4975A (Appellant) (Respondent) आ.अपी.सं /ITA No. 339/Hyd/2022 (िनधा"रण वष" / Assessment Year: 2020-21) ACIT Vs. Venkata Praneeth Central Circle 3(3) Developers (P) Ltd, Hyderabad Hyderabad PAN:AACCV497…

Venkata Praneeth Developers Private Limited, Hyderabad vs. ACIT Central Circle-3(3), Hyderabad

The appeal of the assessee is dismissed

ITA 279/HYD/2022[2020-21]Status: DisposedITAT Hyderabad27 May 2024AY 2020-21

Bench: Shri Laliet Kumar & Shri Manjunatha, G.आ.अपी.सं /Ita No. 279/Hyd/2022 (िनधा"रण वष" / Assessment Year: 2020-21) Venkata Praneeth Vs. Acit Developers (P) Ltd, Central Circle 3(3) Hyderabad Hyderabad Pan:Aaccv4975A (Appellant) (Respondent) आ.अपी.सं /Ita No. 339/Hyd/2022 (िनधा"रण वष" / Assessment Year: 2020-21) Acit Vs. Venkata Praneeth Central Circle 3(3) Developers (P) Ltd, Hyderabad Hyderabad Pan:Aaccv4975A (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Shri Ravi Bharadwaj, Ca राज" व "ारा/Revenue By:: Shri Kumar Pranav, Dr सुनवाई की तारीख/Date Of Hearing: 06/05/2024 घोषणा की तारीख/Pronouncement: 27/05/2024

For Appellant: Shri Ravi Bharadwaj, CAFor Respondent: : Shri Kumar Pranav, DR
Section 132Section 139(1)Section 143(2)Section 143(3)

…ITA Nos 279 and 339 of 2022 Venkata Praneeth Developers P Ltd आयकर अपील"य अ"धकरण, हैदराबाद पीठ IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad ‘B‘ Bench, Hyderabad Before Shri Laliet Kumar, Judicial Member AND Shri Manjunatha, G. Accountant Member आ.अपी.सं /ITA No. 279/Hyd/2022 (िनधा"रण वष" / Assessment Year: 2020-21) Venkata Praneeth Vs. ACIT Developers (P) Ltd, Central Circle 3(3) Hyderabad Hyderabad PAN:AACCV4975A (Appellant) (Respondent) आ.अपी.सं /ITA No. 339/Hyd/2022 (िनधा"रण वष" / Assessment Year: 2020-21) ACIT Vs. Venkata Praneeth Central Circle 3(3) Developers (P) Ltd, Hyderabad Hyderabad PAN:AACCV497…

DCIT, Central Circle-28, New Delhi vs. Psk Finance Solutions Pvt. Ltd., New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 663/DEL/2021[2016-17]Status: DisposedITAT Delhi15 May 2024AY 2016-17

Bench: Sh. Kul Bharatdr. B. R. R. Kumar

For Appellant: Sh. Sanket Milind Joshi, CAFor Respondent: Sh. Subhash Chandra, CIT-DR
Section 127Section 132(4)Section 132ASection 139Section 142(1)Section 143(1)Section 143(2)Section 153ASection 271FSection 69A

…of seized cash solely by relying upon the declaration made by Mr. Atul Mohan in the statement dated 20.08.2015. 5.7] In this respect, the appellant would like to reply upon the ratio laid down by Hon’ble Delhi High Court in the case of CIT v. Sunil Aggarwal [379 ITR 367]. In the said case, it has been held 42 PSK Finance Solutions Pvt. Ltd. that where the assessee had retracted from the earlier declaration given by him in the statement u/s 132(4) by furnishing a reasonable explanation and substantiating evidence in support of the retraction/ subsequent claim, then in such circumstances, no addition can be made b…

Kamal Panjwani, Indore vs. The ACIT 3 (1), Indore

ITA 85/IND/2014[1992-93]Status: DisposedITAT Indore18 Mar 2024AY 1992-93

Bench: Shri Vijay Pal Rao & Shrib.M. Biyani

Section 132Section 132(4)Section 143(3)Section 147Section 148Section 254

…also. It is pointed out that the assessee retracted surrender subsequently vide letter dated 04.01.1993, copy at Paper-Book Page No. 114-121. (iii) Then, Ld. AR placed reliance on certain decisions. Firstly, he referred CIT Vs. Naresh Kumar Agarwal (2014) 369 ITR 171 (AP HC) to contend that the Hon’ble High Court has held (i) that no addition can be made on the basis of mere statement of assessee and (ii) that the retracted statement cannot be a basis of making assessment. Then, reliance is placed on CIT & Anr. Vs. Dr. N. Thippa Shetty (2010) 322 ITR 525 to argue that once the statements made u/s 132(4) is…

Kamal Panjwani, Indore vs. The ACIT 3 (1), Indore

ITA 84/IND/2014[1991-97]Status: DisposedITAT Indore18 Mar 2024AY 1991-97

Bench: Shri Vijay Pal Rao & Shrib.M. Biyani

Section 132Section 132(4)Section 143(3)Section 147Section 148Section 254

…also. It is pointed out that the assessee retracted surrender subsequently vide letter dated 04.01.1993, copy at Paper-Book Page No. 114-121. (iii) Then, Ld. AR placed reliance on certain decisions. Firstly, he referred CIT Vs. Naresh Kumar Agarwal (2014) 369 ITR 171 (AP HC) to contend that the Hon’ble High Court has held (i) that no addition can be made on the basis of mere statement of assessee and (ii) that the retracted statement cannot be a basis of making assessment. Then, reliance is placed on CIT & Anr. Vs. Dr. N. Thippa Shetty (2010) 322 ITR 525 to argue that once the statements made u/s 132(4) is…

Kamal Panjwani, Indore vs. The ACIT 3 (1), Indore

ITA 83/IND/2014[1990-91]Status: DisposedITAT Indore18 Mar 2024AY 1990-91

Bench: Shri Vijay Pal Rao & Shrib.M. Biyani

Section 132Section 132(4)Section 143(3)Section 147Section 148Section 254

…also. It is pointed out that the assessee retracted surrender subsequently vide letter dated 04.01.1993, copy at Paper-Book Page No. 114-121. (iii) Then, Ld. AR placed reliance on certain decisions. Firstly, he referred CIT Vs. Naresh Kumar Agarwal (2014) 369 ITR 171 (AP HC) to contend that the Hon’ble High Court has held (i) that no addition can be made on the basis of mere statement of assessee and (ii) that the retracted statement cannot be a basis of making assessment. Then, reliance is placed on CIT & Anr. Vs. Dr. N. Thippa Shetty (2010) 322 ITR 525 to argue that once the statements made u/s 132(4) is…

Kamal Panjwani, Indore vs. The ACIT 3 (1), Indore

ITA 82/IND/2014[1989-90]Status: DisposedITAT Indore18 Mar 2024AY 1989-90

Bench: Shri Vijay Pal Rao & Shrib.M. Biyani

Section 132Section 132(4)Section 143(3)Section 147Section 148Section 254

…also. It is pointed out that the assessee retracted surrender subsequently vide letter dated 04.01.1993, copy at Paper-Book Page No. 114-121. (iii) Then, Ld. AR placed reliance on certain decisions. Firstly, he referred CIT Vs. Naresh Kumar Agarwal (2014) 369 ITR 171 (AP HC) to contend that the Hon’ble High Court has held (i) that no addition can be made on the basis of mere statement of assessee and (ii) that the retracted statement cannot be a basis of making assessment. Then, reliance is placed on CIT & Anr. Vs. Dr. N. Thippa Shetty (2010) 322 ITR 525 to argue that once the statements made u/s 132(4) is…

Kamal Panjwani, Indore vs. The ACIT 3 (1), Indore

ITA 81/IND/2014[1988-89]Status: DisposedITAT Indore18 Mar 2024AY 1988-89

Bench: Shri Vijay Pal Rao & Shrib.M. Biyani

Section 132Section 132(4)Section 143(3)Section 147Section 148Section 254

…also. It is pointed out that the assessee retracted surrender subsequently vide letter dated 04.01.1993, copy at Paper-Book Page No. 114-121. (iii) Then, Ld. AR placed reliance on certain decisions. Firstly, he referred CIT Vs. Naresh Kumar Agarwal (2014) 369 ITR 171 (AP HC) to contend that the Hon’ble High Court has held (i) that no addition can be made on the basis of mere statement of assessee and (ii) that the retracted statement cannot be a basis of making assessment. Then, reliance is placed on CIT & Anr. Vs. Dr. N. Thippa Shetty (2010) 322 ITR 525 to argue that once the statements made u/s 132(4) is…

Assistant Commissioner of Income Tax (Central)-1, Indore vs. Shri Ritesh Jain, Indore

ITA 794/IND/2018[2010-11]Status: DisposedITAT Indore12 Jan 2024AY 2010-11

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani & It(Ss)Ano.14/Ind/2022 (Assesssment Year 2011-12

Section 139Section 143(2)Section 147Section 148

…आयकर अपील"य अ"धकरण, इंदौर "यायपीठ, इंदौर IN THE INCOME TAX APPELLATE TRIBUNAL INDORE BENCH, INDORE BEFORE SHRI VIJAY PAL RAO, JUDICIAL MEMBER AND SHRI B.M. BIYANI, ACCOUNTANT MEMBER & IT(SS)ANo.14/Ind/2022 (Assesssment Year 2011-12 ACIT, Circle -1 Ritesh Jain Indore 31, Jeevandeep Colony, Vs. Indore (Appellant / Assessee) (Respondent/ Revenue) PAN: ADSPJ6423H CO No.36/Ind/2019 (Arising out of ITANo.794/Ind/2018) (Assessment Year: 2010-11) Ritesh Jain ACIT, Circle -1 31, Jeevandeep Colony, Indore Vs. Indore (Appellant / Assessee) (Respondent/ Revenue) PAN: ADSPJ6423H IT(SS)A No.07/Ind/2022 (Assessment Year: 2011…

M/S. Yashaswi Fish Meal and Oil Company, Udupi vs. Deputy Commissioner of Income-Tax, Central Circle-1, Mangalore

In the result, all the appeals of the assessee are partly allowed

ITA 66/BANG/2023[2017-18]Status: DisposedITAT Bangalore01 Sept 2023AY 2017-18

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shi V. Srinivasan, A.RFor Respondent: Shri D.K. Mishra, D.R
Section 131Section 132(4)Section 133ASection 143Section 143(1)Section 143(3)Section 147Section 148

…on [2012] 25 taxmann.com 413 (SC) 6.54 The ld. A.R. further relied on the following judgements: a) Hon’ble Supreme Court in the case of CIT Vs. S. Khadar Khan & Sons 352 ITR 480 (SC) b) Judgement of AP High Court in the case of CIT Vs. Naresh Kumar Aggrawal (369 ITR 171) c) Order of the Tribunal Cochin bench in the case of ITO Vs. V. Thomas Enterprises (ITA No.442/Coch/2018 dated 7.2.2019 for the AY 2014-15). 6.55 In view of the above, the ld. A.R. prayed before us that the additions may be deleted appreciating the facts of the case. In the unlikely event of our proceedings taking any ITA Nos.62 to 66/Bang/202…

M/S. Yashaswi Fish Meal and Oil Company, Udupi vs. Deputy Commissioner of Income-Tax, Central Circle-1, Mangalore

In the result, all the appeals of the assessee are partly allowed

ITA 65/BANG/2023[2015-16]Status: DisposedITAT Bangalore01 Sept 2023AY 2015-16

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shi V. Srinivasan, A.RFor Respondent: Shri D.K. Mishra, D.R
Section 131Section 132(4)Section 133ASection 143Section 143(1)Section 143(3)Section 147Section 148

…on [2012] 25 taxmann.com 413 (SC) 6.54 The ld. A.R. further relied on the following judgements: a) Hon’ble Supreme Court in the case of CIT Vs. S. Khadar Khan & Sons 352 ITR 480 (SC) b) Judgement of AP High Court in the case of CIT Vs. Naresh Kumar Aggrawal (369 ITR 171) c) Order of the Tribunal Cochin bench in the case of ITO Vs. V. Thomas Enterprises (ITA No.442/Coch/2018 dated 7.2.2019 for the AY 2014-15). 6.55 In view of the above, the ld. A.R. prayed before us that the additions may be deleted appreciating the facts of the case. In the unlikely event of our proceedings taking any ITA Nos.62 to 66/Bang/202…

M/S. Yashaswi Fish Meal and Oil Company, Udupi vs. Deputy Commissioner of Income-Tax, Central Circle-1, Mangalore

In the result, all the appeals of the assessee are partly allowed

ITA 64/BANG/2023[2014-15]Status: DisposedITAT Bangalore01 Sept 2023AY 2014-15

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shi V. Srinivasan, A.RFor Respondent: Shri D.K. Mishra, D.R
Section 131Section 132(4)Section 133ASection 143Section 143(1)Section 143(3)Section 147Section 148

…on [2012] 25 taxmann.com 413 (SC) 6.54 The ld. A.R. further relied on the following judgements: a) Hon’ble Supreme Court in the case of CIT Vs. S. Khadar Khan & Sons 352 ITR 480 (SC) b) Judgement of AP High Court in the case of CIT Vs. Naresh Kumar Aggrawal (369 ITR 171) c) Order of the Tribunal Cochin bench in the case of ITO Vs. V. Thomas Enterprises (ITA No.442/Coch/2018 dated 7.2.2019 for the AY 2014-15). 6.55 In view of the above, the ld. A.R. prayed before us that the additions may be deleted appreciating the facts of the case. In the unlikely event of our proceedings taking any ITA Nos.62 to 66/Bang/202…

M/S. Yashaswi Fish Meal and Oil Company, Udupi vs. Deputy Commissioner of Income-Tax, Central Circle-1, Mangalore

In the result, all the appeals of the assessee are partly allowed

ITA 63/BANG/2023[2013-14]Status: DisposedITAT Bangalore01 Sept 2023AY 2013-14

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shi V. Srinivasan, A.RFor Respondent: Shri D.K. Mishra, D.R
Section 131Section 132(4)Section 133ASection 143Section 143(1)Section 143(3)Section 147Section 148

…on [2012] 25 taxmann.com 413 (SC) 6.54 The ld. A.R. further relied on the following judgements: a) Hon’ble Supreme Court in the case of CIT Vs. S. Khadar Khan & Sons 352 ITR 480 (SC) b) Judgement of AP High Court in the case of CIT Vs. Naresh Kumar Aggrawal (369 ITR 171) c) Order of the Tribunal Cochin bench in the case of ITO Vs. V. Thomas Enterprises (ITA No.442/Coch/2018 dated 7.2.2019 for the AY 2014-15). 6.55 In view of the above, the ld. A.R. prayed before us that the additions may be deleted appreciating the facts of the case. In the unlikely event of our proceedings taking any ITA Nos.62 to 66/Bang/202…

M/S. Yashaswi Fish Meal and Oil Company, Udupi vs. Deputy Commissioner of Income-Tax, Central Circle-1, Mangalore

In the result, all the appeals of the assessee are partly allowed

ITA 62/BANG/2023[2012-13]Status: DisposedITAT Bangalore01 Sept 2023AY 2012-13

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shi V. Srinivasan, A.RFor Respondent: Shri D.K. Mishra, D.R
Section 131Section 132(4)Section 133ASection 143Section 143(1)Section 143(3)Section 147Section 148

…on [2012] 25 taxmann.com 413 (SC) 6.54 The ld. A.R. further relied on the following judgements: a) Hon’ble Supreme Court in the case of CIT Vs. S. Khadar Khan & Sons 352 ITR 480 (SC) b) Judgement of AP High Court in the case of CIT Vs. Naresh Kumar Aggrawal (369 ITR 171) c) Order of the Tribunal Cochin bench in the case of ITO Vs. V. Thomas Enterprises (ITA No.442/Coch/2018 dated 7.2.2019 for the AY 2014-15). 6.55 In view of the above, the ld. A.R. prayed before us that the additions may be deleted appreciating the facts of the case. In the unlikely event of our proceedings taking any ITA Nos.62 to 66/Bang/202…

Mr. Anil Kantilal Shah, Mumbai vs. CIT (A)-51, Mumbai

In the result, the appeal of the assesse vide

ITA 228/MUM/2023[2020-21]Status: DisposedITAT Mumbai20 Jul 2023AY 2020-21

Bench: Shri Amarjit Singh & Ms. Kavitha Rajagopalita Nos.227 & 228/Mum/2023 (A.Ys. 2018-19 To 2020-21)

For Appellant: Anil ThakrarFor Respondent: Ashok Kumar Kardam
Section 132Section 132(4)Section 153ASection 69B

…ial and cannot override the statements recorded u/s 132(4) of the Income-tax Act. The reliance placed by the Id. Counsel on the decision of the Hon'ble Delhi High Court in the case of CIT v. Sunil Aggarwal (2015) 64 taxmann.com 107/2016] 237 Taxman 512/[2015] 379 ITR 367 cannot come to the rescue of the appellant herein for the reason that in the said case the assesse apart retracting the statement also discharged the onus of proving the statement is incorrect through cogent material. 8.1.3 In the case of Nayyar Patel v. ACIT [2022] 137 taxmann.com 149 (Kerala), the Hon'ble Kerala High Court has held that where p…

Mr. Anil Kantilal Shah, Mumbai vs. CIT (A)-51, Mumbai

In the result, the appeal of the assesse vide

ITA 227/MUM/2023[2018-19]Status: DisposedITAT Mumbai20 Jul 2023AY 2018-19

Bench: Shri Amarjit Singh & Ms. Kavitha Rajagopalita Nos.227 & 228/Mum/2023 (A.Ys. 2018-19 To 2020-21)

For Appellant: Anil ThakrarFor Respondent: Ashok Kumar Kardam
Section 132Section 132(4)Section 153ASection 69B

…ial and cannot override the statements recorded u/s 132(4) of the Income-tax Act. The reliance placed by the Id. Counsel on the decision of the Hon'ble Delhi High Court in the case of CIT v. Sunil Aggarwal (2015) 64 taxmann.com 107/2016] 237 Taxman 512/[2015] 379 ITR 367 cannot come to the rescue of the appellant herein for the reason that in the said case the assesse apart retracting the statement also discharged the onus of proving the statement is incorrect through cogent material. 8.1.3 In the case of Nayyar Patel v. ACIT [2022] 137 taxmann.com 149 (Kerala), the Hon'ble Kerala High Court has held that where p…

Shri Avinash Nivrutti Bhosale, Pune vs. Dy CIT Central Cir-2(3), Mumbai

In the result, both the appeals filed by the assessee are allowed

ITA 531/MUM/2021[2010-11]Status: DisposedITAT Mumbai10 Jul 2023AY 2010-11

Bench: Shri Kuldip Singh & Shri Gagan Goyal & Shri Avinash Nivrutti Bhosale, 2, Abil House, Ganesh Khind Road, Range Hill Corner, Pune-411 007 ...... Appellant Vs. Dcit Cent. Cir 2(3) 8Th Floor, R. No. 803, Old Cgo Bldg, Pratistha Bhavan, M. K. Road, Mumbai-400 020 Pan – Abtpb8151F ..... Respondent

For Appellant: Shri Madhur Agarwal, Ld. ARFor Respondent: Smt. Shailja Rai, Ld. DR
Section 143(3)Section 153ASection 250

…and in most such cases, are subsequently retracted. Therefore, it is necessary to ensure that such statements, which are retracted subsequently, do not form the sole basis for computing undisclosed income of an assessee. In CIT v. Naresh Kumar Agarwal [2014] 369 ITR 171 (T&AP), a Division Bench of the Telangana and Andhra Pradesh High Court held that a statement recorded under section 132(4) of the Act which is retracted cannot constitute a basis for an order under section 158BC of the Act....” 10. Now, coming to the aspect, viz., the invocation of section 153A on the basis of the statement recorded in search ac…

Shri Manoj Madanlal Chhajed, Pune vs. Assistant Commissioner of Income Tax, Circle -1(1)Pune, Pune

In the result, the appeal filed by the assessee in ITA

ITA 725/PUN/2022[2018-19]Status: DisposedITAT Pune28 Jun 2023AY 2018-19

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Raviआयकर अपील सं. / It(Ss)A Nos.91 To 96/Pun/2022 िनधा"रण वष" / Assessment Years : 2012-13 To 2017-18 Shri Manoj Madanlal Vs. Acit, Central Circle- Chhajed, 1(1), Pune. 601, A-8 Building, Karishma Housing Society, Near Sangam Press, Kothrud, Pune- 411029. Pan : Aalpc4991M Appellant Respondent आयकर अपील सं. / It(Ss)A Nos.97 & 98/Pun/2022 िनधा"रण वष" / Assessment Years : 2012-13 & 2015-16 Acit, Circle-1(1), Pune. Vs. Shri Manoj Madanlal Chhajed, 601, A-8 Building, Karishma Housing Society, Near Sangam Press, Kothrud, Pune- 411029. Pan : Aalpc4991M Appellant Respondent आयकर अपील सं. / Ita No.725/Pun/2022 िनधा"रण वष" / Assessment Year: 2018-19 Shri Manoj Madanlal Vs. Acit, Circle-1(1), Pune. Chhajed, 601, A-8 Building, Karishma Housing Society, Near Sangam Press, Kothrud, Pune- 411029. Pan : Aalpc4991M Appellant Respondent

For Appellant: Shri Ratan SamalFor Respondent: Shri Keyur Patel
Section 132(4)Section 139(1)

…in most such cases, are subsequently retracted. Therefore, it is necessary to ensure that such statements, which are retracted subsequently, do not form the sole basis for computing undisclosed income of an assessee. 25. In CIT v. Naresh Kumar Agarwal [2014] 369 ITR 171/[2015] 53 taxmann.com 306, a Division Bench of Telangana and Andhra Pradesh High Court held that a statement recorded under Section 132(4) of the Act which is retracted cannot constitute a basis for an order under Section 158BC of the Act. The relevant extract from the said judgement is quoted below:— "17. The circumstances under which a statemen…

ACIT, Central Circle-2(1), Mumbai vs. M/S Rishabraj Infra Pvt. Ltd, Mumbai

In the result, the appeal filed by the revenue is dismissed

ITA 3246/MUM/2022[2015-16]Status: DisposedITAT Mumbai05 Apr 2023AY 2015-16

Bench: Shri B R Baskaran & Shir Pavan Kumar Gadaleita Nos. 3246/Mum/2022 (A.Y: 2015-16) Acit, C.Circle -2(1), Vs. Rishabraj Infrapvtltd., Old Cgo Bldg, 804, 212, 2Nd Floor, B Wing, 8Th Floor, M.K. Road, Bldg No. 3, Hari Om Mumbai – 400020. Plaza, Mg Road, Boravali (E), Mumbai-400066. Pan/Gir No. : Aadcv2975P Appellant .. Respondent Appellant By : Ms.Riddhi Mishra.Dr Revenue By : Mr.Karan Jain.Ar Date Of Hearing 18.04.2023 Date Of Pronouncement 24.04.2023 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Revenue Has Filed The Appeal Against The Order Of The Commissioner Of Income Tax (Appeals)-48, Mumbai Passed U/Sec 250 Of The Act. The Revenue Has Raised The Following Grounds Of Appeal:

For Appellant: Ms.Riddhi Mishra.DRFor Respondent: Mr.Karan Jain.AR
Section 143(2)Section 143(3)Section 153ASection 153CSection 68

…s, there must be a nexus between the statement recorded and the evidence/material found during search in order to sustain additions on the basis of recorded statement. Similar is the view of Hon'ble High Court in an earlier judgment of CIT V/S Sunil Aggarwal (379 ITR 367; 2016) and also the decision of Hon'ble Andhra Pradesh High Court in CIT v. Shri Ramdas Motor Transport (238 ITR 177) wherein Hon'ble Court refused to give any evidentiary value to the statement made by the assessee u/s 132(4) as the department could not find any unaccounted money, article or thing or incriminating document either at the premises…

Ajmera Pharmasure Ltd, Mumbai vs. DCIT CC 2(2), Mumbai

In the result, the present appeal is partly allowed

ITA 1136/MUM/2020[2011-12]Status: DisposedITAT Mumbai28 Feb 2023AY 2011-12
For Appellant: Ms. Dinkle HariyaFor Respondent: Shri S. Srinivasu
Section 132(4)Section 143(3)Section 153ASection 68Section 69

…, there must be a nexus between the statement recorded and the evidence/material found during search in order to sustain additions on the basis of recorded statement. Similar is the view of Hon'ble High Court in an earlier judgment of CIT V/s Sunil Aggarwal ( 379 ITR 367; 2016) and also the decision of Hon‟ble Andhra Pradesh High Court in CIT v. Shri Ramdas Motor Transport (238 ITR 177) wherein Hon'ble Court refused to give any evidentiary value to the statement made by the assessee u/s 132(4) as the department could not find any unaccounted money, article or thing or incriminating document either at the premises…