DCIT,CIRCLE-1, SILIGURI, SILIGURI vs. M/S ANAND KUMAR AGARWAL, SILIGURI
Appeal is dismissed
ITA 244/KOL/2017[2011-12]Status: DisposedITAT Kolkata08 Jun 2018AY 2011-12
Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year :2011-12 Dcit Circle-1, V/S. Anand Kumar Agarwal Aayakar Bhawan, C/O Sky Wheels Pvt. Ltd. Paribahan Nagar, Paribahan Nagar, Matigar, Matigara, Siliguri, Pin Siliguri-734010 734010 [Pan No.Acrpa 8801 A] .. अपीलाथ" /Appellant ""यथ"/Respondent Md. Usman, Cit-Dr अपीलाथ" क" ओर से/By Appellant Shri Ravi Tulsiyan, Fca ""यथ" क" ओर से/By Respondent 31-05-2018 सुनवाई क" तार"ख/Date Of Hearing 08-06-2018 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per S.S.Godara:- This Revenue’S Appeal For Assessment Year 2011-12 Challenges Correctness Of The Commissioner Of Income Tax (Appeals)-Siliguri’S Order Dated 07.12.2016 In Case No.133/Cit(A)/Slg/2015-16, Reversing The Assessing Officer’S Action Making Undisclosed On-Money Addition Of ₹1,10,00,000/-, Involving Proceedings U/S 143(3) R.W 153C Of The Income Tax Act, 1961; In Short ‘The Act’. 2. We Come To The Relevant Facts Pertaining To The Above Sole Issue. This Assessee Is Admittedly The Legal Heir Of Late Shri Bhanwarlal Agarwal. The Said Predecessor In Interest Co-Owned Capital Asset In Question Along With S/Sh R.K. Agarwal, Hanumnmal, Mahendra & Pawan Bansal(S). All The Said Joint Owners Sold The Relevant Asset On 21.01.2011 To M/S Patron Vinimay Pvt. Ltd. For ₹3,58,25,000/- Received Through Banking Channel. The Assessee’S
Section 132(4)Section 143(3)Section 153C
capital gains as per said sale considerations received through banking channel of ₹1,14,00,000/-
(supra). The Assessing Officer framed his regular assessment on 29.01.2016
adding cash component of ₹1,10,00,000/- by placing strong reliance of Shri
R.K. Agarwal search statement (supra) supported by corresponding incrementing material seized. He concluded that same formed sufficient evidence to make
