PCIT v. Kunvarji Commodities Brokers Pvt. Ltd.

432 ITR 180High Court#6188 most cited

What is PCIT v. Kunvarji Commodities Brokers Pvt. Ltd. authority for?

A statement recorded under section 132(4) by a third party, without any corroborating incriminating material, cannot be the sole basis for making additions under section 153A or 153C.

19

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2022 to 2025.

Also referred to as

PCIT v. Kunvarji Commodities Brokers Pvt. Ltd. · section 153A · section 153C · section 132(4) · incriminating material · third party statement · assessment

Sections most often in play

Section 132Section 143(3)Section 153ASection 153CSection 68Section 10(26)Section 132(4)

Issues it is cited on

section 10(26)section 245d(4)section 245don money receiptassessment order erroneoussection 245dumb documentssection 54fsection 132(4a)malabar industrialsection 132(4)on-money

Judgments citing PCIT v. Kunvarji Commodities Brokers Pvt. Ltd.

Deputy Commissioner of Income Tax, Central Circle, Kollam vs. Varun Raj, Pathanamthitta

In the result, the appeals filed by the Revenue and the cross objections of the assessee stand dismissed

ITA 189/COCH/2024[2017-18]Status: DisposedITAT Cochin09 Jun 2025AY 2017-18

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm

For Appellant: Shri S.K. Tulsiyan, AdvocateFor Respondent: Shri Suresh Sivanandan, CIT-DR
Section 10(26)Section 132Section 143(3)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH BEFORE SHRI INTURI RAMA RAO, AM AND SHRI SOUNDARARAJAN K., JM ITA Nos. 183 to 186, 188& 189/Coch/2024 Assessment Years: 2012-13 to 2017-18 DCIT, Central Circle Varun Raj Aayakar Bhavan, Karbala Rajavalsam, Panangadu, Kulanada vs. Junction, Kollam 691001 Pandalam, Pathanamthitta 689503 [PAN: ACAPR8839E] (Appellant) (Respondent) CO Nos. 02 & 03Coch/2024 – AYs: 2016-17& 2017-18 (Arising out of ITA Nos. 188& 189/Coch/2024) Varun Raj DCIT, Central Circle Rajavalsam, Panangadu, Kulanada Aayakar Bhavan, Karbala vs. Pandalam, Pathanamthitta 689503 Junction, Kollam 69…

Deputy Commissioner of Income Tax, Central Circle, Kollam vs. Varun Raj, Pathanamthitta

In the result, the appeals filed by the Revenue and the cross objections of the assessee stand dismissed

ITA 188/COCH/2024[2015-16]Status: DisposedITAT Cochin09 Jun 2025AY 2015-16

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm

For Appellant: Shri S.K. Tulsiyan, AdvocateFor Respondent: Shri Suresh Sivanandan, CIT-DR
Section 10(26)Section 132Section 143(3)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH BEFORE SHRI INTURI RAMA RAO, AM AND SHRI SOUNDARARAJAN K., JM ITA Nos. 183 to 186, 188& 189/Coch/2024 Assessment Years: 2012-13 to 2017-18 DCIT, Central Circle Varun Raj Aayakar Bhavan, Karbala Rajavalsam, Panangadu, Kulanada vs. Junction, Kollam 691001 Pandalam, Pathanamthitta 689503 [PAN: ACAPR8839E] (Appellant) (Respondent) CO Nos. 02 & 03Coch/2024 – AYs: 2016-17& 2017-18 (Arising out of ITA Nos. 188& 189/Coch/2024) Varun Raj DCIT, Central Circle Rajavalsam, Panangadu, Kulanada Aayakar Bhavan, Karbala vs. Pandalam, Pathanamthitta 689503 Junction, Kollam 69…

Deputy Commissioner of Income Tax, Central Circle, Kollam vs. Varun Raj, Pathanamthitta

In the result, the appeals filed by the Revenue and the cross objections of the assessee stand dismissed

ITA 186/COCH/2024[2016-17]Status: DisposedITAT Cochin09 Jun 2025AY 2016-17

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm

For Appellant: Shri S.K. Tulsiyan, AdvocateFor Respondent: Shri Suresh Sivanandan, CIT-DR
Section 10(26)Section 132Section 143(3)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH BEFORE SHRI INTURI RAMA RAO, AM AND SHRI SOUNDARARAJAN K., JM ITA Nos. 183 to 186, 188& 189/Coch/2024 Assessment Years: 2012-13 to 2017-18 DCIT, Central Circle Varun Raj Aayakar Bhavan, Karbala Rajavalsam, Panangadu, Kulanada vs. Junction, Kollam 691001 Pandalam, Pathanamthitta 689503 [PAN: ACAPR8839E] (Appellant) (Respondent) CO Nos. 02 & 03Coch/2024 – AYs: 2016-17& 2017-18 (Arising out of ITA Nos. 188& 189/Coch/2024) Varun Raj DCIT, Central Circle Rajavalsam, Panangadu, Kulanada Aayakar Bhavan, Karbala vs. Pandalam, Pathanamthitta 689503 Junction, Kollam 69…

Deputy Commissioner of Income Tax, Central Circle, Kollam vs. Varun Raj, Pathanamthitta

In the result, the appeals filed by the Revenue and the cross objections of the assessee stand dismissed

ITA 185/COCH/2024[2013-14]Status: DisposedITAT Cochin09 Jun 2025AY 2013-14

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm

For Appellant: Shri S.K. Tulsiyan, AdvocateFor Respondent: Shri Suresh Sivanandan, CIT-DR
Section 10(26)Section 132Section 143(3)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH BEFORE SHRI INTURI RAMA RAO, AM AND SHRI SOUNDARARAJAN K., JM ITA Nos. 183 to 186, 188& 189/Coch/2024 Assessment Years: 2012-13 to 2017-18 DCIT, Central Circle Varun Raj Aayakar Bhavan, Karbala Rajavalsam, Panangadu, Kulanada vs. Junction, Kollam 691001 Pandalam, Pathanamthitta 689503 [PAN: ACAPR8839E] (Appellant) (Respondent) CO Nos. 02 & 03Coch/2024 – AYs: 2016-17& 2017-18 (Arising out of ITA Nos. 188& 189/Coch/2024) Varun Raj DCIT, Central Circle Rajavalsam, Panangadu, Kulanada Aayakar Bhavan, Karbala vs. Pandalam, Pathanamthitta 689503 Junction, Kollam 69…

Deputy Commissioner of Income Tax, Central Circle, Kollam vs. Varun Raj, Pathanamthitta

In the result, the appeals filed by the Revenue and the cross objections of the assessee stand dismissed

ITA 184/COCH/2024[2014-15]Status: DisposedITAT Cochin09 Jun 2025AY 2014-15

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm

For Appellant: Shri S.K. Tulsiyan, AdvocateFor Respondent: Shri Suresh Sivanandan, CIT-DR
Section 10(26)Section 132Section 143(3)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH BEFORE SHRI INTURI RAMA RAO, AM AND SHRI SOUNDARARAJAN K., JM ITA Nos. 183 to 186, 188& 189/Coch/2024 Assessment Years: 2012-13 to 2017-18 DCIT, Central Circle Varun Raj Aayakar Bhavan, Karbala Rajavalsam, Panangadu, Kulanada vs. Junction, Kollam 691001 Pandalam, Pathanamthitta 689503 [PAN: ACAPR8839E] (Appellant) (Respondent) CO Nos. 02 & 03Coch/2024 – AYs: 2016-17& 2017-18 (Arising out of ITA Nos. 188& 189/Coch/2024) Varun Raj DCIT, Central Circle Rajavalsam, Panangadu, Kulanada Aayakar Bhavan, Karbala vs. Pandalam, Pathanamthitta 689503 Junction, Kollam 69…

Deputy Commissioner of Income Tax, Central Circle, Kollam vs. Varun Raj, Pathanamthitta

In the result, the appeals filed by the Revenue and the cross objections of the assessee stand dismissed

ITA 183/COCH/2024[2012-13]Status: DisposedITAT Cochin09 Jun 2025AY 2012-13

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm

For Appellant: Shri S.K. Tulsiyan, AdvocateFor Respondent: Shri Suresh Sivanandan, CIT-DR
Section 10(26)Section 132Section 143(3)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH BEFORE SHRI INTURI RAMA RAO, AM AND SHRI SOUNDARARAJAN K., JM ITA Nos. 183 to 186, 188& 189/Coch/2024 Assessment Years: 2012-13 to 2017-18 DCIT, Central Circle Varun Raj Aayakar Bhavan, Karbala Rajavalsam, Panangadu, Kulanada vs. Junction, Kollam 691001 Pandalam, Pathanamthitta 689503 [PAN: ACAPR8839E] (Appellant) (Respondent) CO Nos. 02 & 03Coch/2024 – AYs: 2016-17& 2017-18 (Arising out of ITA Nos. 188& 189/Coch/2024) Varun Raj DCIT, Central Circle Rajavalsam, Panangadu, Kulanada Aayakar Bhavan, Karbala vs. Pandalam, Pathanamthitta 689503 Junction, Kollam 69…

Deputy Commissioner of Income Tax, Central Circle, Kollam vs. Arun Raj Pillai, Pathanamthitta

In the result, the appeals filed by the Revenue and the cross objection of the assessee stand dismissed

ITA 182/COCH/2024[2014-15]Status: DisposedITAT Cochin09 Jun 2025AY 2014-15

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm

For Appellant: Shri S.K. Tulsiyan, AdvocateFor Respondent: Shri Suresh Sivanandan, CIT-DR
Section 10(26)Section 132Section 143(3)Section 153A

…153A of the Act. The issue stands settled by the decision of the Hon’ble Delhi High Court in the case of PCIT v. Anand Kumar Jain 432 ITR 384(Delhi) and PCIT vs. Manoj Hora 402 ITR 175 (Delhi) and in the case of PCIT v. Kunvarji Commodities Brokers Pvt. Ltd. 432 ITR 180 (Guj). The 10 ITA 178 to 182 & CO No. 4/Coch/2024 Arun Raj.Pillai relevant paragraphs of the judgement of the Hon'ble Delhi High Court are extracted below: - “10 Now, coming to the aspect, viz., the invocation of section 153A on the basis of the statement recorded in search action against a third person, we may note that the Assessing Officer ha…

Deputy Commissioner of Income Tax, Central Circle, Kollam vs. Arun Raj Pillai, Pathanamthitta

In the result, the appeals filed by the Revenue and the cross objection of the assessee stand dismissed

ITA 181/COCH/2024[2013-14]Status: DisposedITAT Cochin09 Jun 2025AY 2013-14

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm

For Appellant: Shri S.K. Tulsiyan, AdvocateFor Respondent: Shri Suresh Sivanandan, CIT-DR
Section 10(26)Section 132Section 143(3)Section 153A

…153A of the Act. The issue stands settled by the decision of the Hon’ble Delhi High Court in the case of PCIT v. Anand Kumar Jain 432 ITR 384(Delhi) and PCIT vs. Manoj Hora 402 ITR 175 (Delhi) and in the case of PCIT v. Kunvarji Commodities Brokers Pvt. Ltd. 432 ITR 180 (Guj). The 10 ITA 178 to 182 & CO No. 4/Coch/2024 Arun Raj.Pillai relevant paragraphs of the judgement of the Hon'ble Delhi High Court are extracted below: - “10 Now, coming to the aspect, viz., the invocation of section 153A on the basis of the statement recorded in search action against a third person, we may note that the Assessing Officer ha…

Deputy Commissioner of Income Tax, Central Circle, Kollam vs. Arun Raj Pillai, Pathanamthitta

In the result, the appeals filed by the Revenue and the cross objection of the assessee stand dismissed

ITA 180/COCH/2024[2016-17]Status: DisposedITAT Cochin09 Jun 2025AY 2016-17

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm

For Appellant: Shri S.K. Tulsiyan, AdvocateFor Respondent: Shri Suresh Sivanandan, CIT-DR
Section 10(26)Section 132Section 143(3)Section 153A

…153A of the Act. The issue stands settled by the decision of the Hon’ble Delhi High Court in the case of PCIT v. Anand Kumar Jain 432 ITR 384(Delhi) and PCIT vs. Manoj Hora 402 ITR 175 (Delhi) and in the case of PCIT v. Kunvarji Commodities Brokers Pvt. Ltd. 432 ITR 180 (Guj). The 10 ITA 178 to 182 & CO No. 4/Coch/2024 Arun Raj.Pillai relevant paragraphs of the judgement of the Hon'ble Delhi High Court are extracted below: - “10 Now, coming to the aspect, viz., the invocation of section 153A on the basis of the statement recorded in search action against a third person, we may note that the Assessing Officer ha…

Deputy Commissioner of Income Tax, Central Circle, Kollam vs. Arun Raj Pillai, Pathanamthitta

In the result, the appeals filed by the Revenue and the cross objection of the assessee stand dismissed

ITA 179/COCH/2024[2015-16]Status: DisposedITAT Cochin09 Jun 2025AY 2015-16

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm

For Appellant: Shri S.K. Tulsiyan, AdvocateFor Respondent: Shri Suresh Sivanandan, CIT-DR
Section 10(26)Section 132Section 143(3)Section 153A

…153A of the Act. The issue stands settled by the decision of the Hon’ble Delhi High Court in the case of PCIT v. Anand Kumar Jain 432 ITR 384(Delhi) and PCIT vs. Manoj Hora 402 ITR 175 (Delhi) and in the case of PCIT v. Kunvarji Commodities Brokers Pvt. Ltd. 432 ITR 180 (Guj). The 10 ITA 178 to 182 & CO No. 4/Coch/2024 Arun Raj.Pillai relevant paragraphs of the judgement of the Hon'ble Delhi High Court are extracted below: - “10 Now, coming to the aspect, viz., the invocation of section 153A on the basis of the statement recorded in search action against a third person, we may note that the Assessing Officer ha…

Deputy Commissioner of Income Tax, Central Circle, Kollam vs. Arun Raj Pillai, Pathanamthitta

In the result, the appeals filed by the Revenue and the cross objection of the assessee stand dismissed

ITA 178/COCH/2024[2017-18]Status: DisposedITAT Cochin09 Jun 2025AY 2017-18

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm

For Appellant: Shri S.K. Tulsiyan, AdvocateFor Respondent: Shri Suresh Sivanandan, CIT-DR
Section 10(26)Section 132Section 143(3)Section 153A

…153A of the Act. The issue stands settled by the decision of the Hon’ble Delhi High Court in the case of PCIT v. Anand Kumar Jain 432 ITR 384(Delhi) and PCIT vs. Manoj Hora 402 ITR 175 (Delhi) and in the case of PCIT v. Kunvarji Commodities Brokers Pvt. Ltd. 432 ITR 180 (Guj). The 10 ITA 178 to 182 & CO No. 4/Coch/2024 Arun Raj.Pillai relevant paragraphs of the judgement of the Hon'ble Delhi High Court are extracted below: - “10 Now, coming to the aspect, viz., the invocation of section 153A on the basis of the statement recorded in search action against a third person, we may note that the Assessing Officer ha…

Deputy Commissioner of Income Tax, Central Circle, Kollam vs. Valsala Raj, Pathanamthitta

In the result, the appeals filed by the Revenue stand dismissed

ITA 177/COCH/2024[2012-13]Status: DisposedITAT Cochin09 Jun 2025AY 2012-13

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm

For Appellant: Shri S.K. Tulsiyan, AdvocateFor Respondent: Shri Suresh Sivanandan, CIT-DR
Section 10(26)Section 132Section 143(3)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH BEFORE SHRI INTURI RAMA RAO, AM AND SHRI SOUNDARARAJAN K., JM ITA Nos. 175 & 177/Coch/2024 Assessment Years: 2014-15 & 2012-13 DCIT, Central Circle Valsala Raj Aayakar Bhavan, Karbala Rajavalsam, Panangadu, Kulanada vs. Junction, Kollam 691001 Pandalam, Pathanamthitta 680503 [PAN: ACAPR8941B] (Appellant) (Respondent) Assessee by: Shri S.K. Tulsiyan, Advocate Revenue by: Shri Suresh Sivanandan, CIT-DR Date of Hearing: 21.03.2025 Date of Pronouncement: 09.06.2025 O R D E R Per Bench Theseare appeals filed by the Revenue directed against the orders of the Comm…

Deputy Commissioner of Income Tax, Central Circle, Kollam vs. Valsala Raj, Pathanamthitta

In the result, the appeals filed by the Revenue stand dismissed

ITA 175/COCH/2024[2014-15]Status: DisposedITAT Cochin09 Jun 2025AY 2014-15

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm

For Appellant: Shri S.K. Tulsiyan, AdvocateFor Respondent: Shri Suresh Sivanandan, CIT-DR
Section 10(26)Section 132Section 143(3)Section 153A

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH BEFORE SHRI INTURI RAMA RAO, AM AND SHRI SOUNDARARAJAN K., JM ITA Nos. 175 & 177/Coch/2024 Assessment Years: 2014-15 & 2012-13 DCIT, Central Circle Valsala Raj Aayakar Bhavan, Karbala Rajavalsam, Panangadu, Kulanada vs. Junction, Kollam 691001 Pandalam, Pathanamthitta 680503 [PAN: ACAPR8941B] (Appellant) (Respondent) Assessee by: Shri S.K. Tulsiyan, Advocate Revenue by: Shri Suresh Sivanandan, CIT-DR Date of Hearing: 21.03.2025 Date of Pronouncement: 09.06.2025 O R D E R Per Bench Theseare appeals filed by the Revenue directed against the orders of the Comm…

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)

…s 153A as held by the Hon’ble Delhi High Court in the case of PCIT vs. Anand Kumar Jain, in the case of PCIT vs. Manoj Hora, 402 ITR 175 (Delhi) and the decision of the Hon’ble Gujarat High Court in the case of PCIT vs. Kunvarji Commodities Brokers Pvt. Ltd., 432 ITR 150 (Guj.) In this context, it is significant to note that during the course of hearing before us the ld. CIT-DR had placed before us copy of the statement given by above three named persons, confronted to the 37 IT(SS)A Nos.91 to 96/PUN/2022 IT(SS)A Nos.97 & 98/PUN/2022 assessee during the course of recording the statement u/s 132(4) of the Act. We…

ACIT 2(3) (1), Mumbai vs. M/S. Thakkr Housing Development Pvt. Ltd, Mumbai

In the result all the five appeals filed by the learned assessing officer are dismissed

ITA 2135/MUM/2021[2012-13]Status: DisposedITAT Mumbai22 Aug 2022AY 2012-13

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm

For Appellant: Shri Rishabh Shah, ARFor Respondent: Shri Amol Kirtane, CIT DR
Section 245D(4)

…made the merely based statement u/s 132(4) of the Act by third party in the absence of any incriminating material on record and reference can be made to the decision of Hon'ble Gujarat High Court in the case of PCIT vs. Kunvarji Commodities Brokers Pvt. Ltd., 432 ITR 150. In the light of the above discussion, we are of the considered opinion that the mere statement given by the vendors of the land u/s 132(4) of the Act, cannot form basis for making any addition in the hands of appellant. 32. Another important factor to be considered is the fact that the vendors had admitted equivalent additional income to the amo…

ACIT 2(3) (1), Mumbai vs. M/S. Thakkar Apana Ghar Pvt. Ltd, Mumbai

In the result all the five appeals filed by the learned assessing officer are dismissed

ITA 2134/MUM/2021[2014-15]Status: DisposedITAT Mumbai22 Aug 2022AY 2014-15

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm

For Appellant: Shri Rishabh Shah, ARFor Respondent: Shri Amol Kirtane, CIT DR
Section 245D(4)

…made the merely based statement u/s 132(4) of the Act by third party in the absence of any incriminating material on record and reference can be made to the decision of Hon'ble Gujarat High Court in the case of PCIT vs. Kunvarji Commodities Brokers Pvt. Ltd., 432 ITR 150. In the light of the above discussion, we are of the considered opinion that the mere statement given by the vendors of the land u/s 132(4) of the Act, cannot form basis for making any addition in the hands of appellant. 32. Another important factor to be considered is the fact that the vendors had admitted equivalent additional income to the amo…

ACIT 2(3) (1), Mumbai vs. M/S. Thakkar Apna Ghar Nirman Pvt. Ltd, Mumbai

In the result all the five appeals filed by the learned assessing officer are dismissed

ITA 2133/MUM/2021[2012-13]Status: DisposedITAT Mumbai22 Aug 2022AY 2012-13

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm

For Appellant: Shri Rishabh Shah, ARFor Respondent: Shri Amol Kirtane, CIT DR
Section 245D(4)

…made the merely based statement u/s 132(4) of the Act by third party in the absence of any incriminating material on record and reference can be made to the decision of Hon'ble Gujarat High Court in the case of PCIT vs. Kunvarji Commodities Brokers Pvt. Ltd., 432 ITR 150. In the light of the above discussion, we are of the considered opinion that the mere statement given by the vendors of the land u/s 132(4) of the Act, cannot form basis for making any addition in the hands of appellant. 32. Another important factor to be considered is the fact that the vendors had admitted equivalent additional income to the amo…

ACIT 2(3) 1, Mumbai vs. M/S. Thakkar Grih Nirman Pvt. Ltd, Mumbai

In the result all the five appeals filed by the learned assessing officer are dismissed

ITA 2132/MUM/2021[2014-15]Status: DisposedITAT Mumbai22 Aug 2022AY 2014-15

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm

For Appellant: Shri Rishabh Shah, ARFor Respondent: Shri Amol Kirtane, CIT DR
Section 245D(4)

…made the merely based statement u/s 132(4) of the Act by third party in the absence of any incriminating material on record and reference can be made to the decision of Hon'ble Gujarat High Court in the case of PCIT vs. Kunvarji Commodities Brokers Pvt. Ltd., 432 ITR 150. In the light of the above discussion, we are of the considered opinion that the mere statement given by the vendors of the land u/s 132(4) of the Act, cannot form basis for making any addition in the hands of appellant. 32. Another important factor to be considered is the fact that the vendors had admitted equivalent additional income to the amo…

ACIT 2(3) (1), Mumbai vs. M/S. Thakkar Housing Developement Pvt. Ltd, Mumbai

In the result all the five appeals filed by the learned assessing officer are dismissed

ITA 2131/MUM/2021[2014-15]Status: DisposedITAT Mumbai22 Aug 2022AY 2014-15

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm

For Appellant: Shri Rishabh Shah, ARFor Respondent: Shri Amol Kirtane, CIT DR
Section 245D(4)

…made the merely based statement u/s 132(4) of the Act by third party in the absence of any incriminating material on record and reference can be made to the decision of Hon'ble Gujarat High Court in the case of PCIT vs. Kunvarji Commodities Brokers Pvt. Ltd., 432 ITR 150. In the light of the above discussion, we are of the considered opinion that the mere statement given by the vendors of the land u/s 132(4) of the Act, cannot form basis for making any addition in the hands of appellant. 32. Another important factor to be considered is the fact that the vendors had admitted equivalent additional income to the amo…