Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (1) TMI 740 - AT - Income TaxChallenging the assessment framed by the AO u/s 143(3) - AO had obtained prior approval of JCIT u/s 153D of the Act which is contrary to the provisions of the Act - HELD THAT:- We find that CIT(A) while deciding the ground has noted the fact that he had called for the assessment records and after its examination, he has noted that AO had sought consolidated approval of Addl.CIT for A.Y. 2007- 08 to 2012-13 pertaining to proceedings u/s 153A of the Act. He has thereafter noted that the draft order for AY 2013-14 was also clubbed with the consolidated proposal which appeared to be a bonafide mistake. He has further given a finding that no directions were issued by Addl.CIT to the AO to complete the assessment order for 2013-14 in any particular manner. Before us, no material has been placed by the assessee to demonstrate that the findings of CIT(A) is incorrect or there is any fallacy in the findings of CIT(A). In such circumstances, we do not find any merit in the present ground raised by the assessee. Thus Ground Nos. 1 and 2 are dismissed. Unexplained cash found at the time of search - AO had made the addition of cash found from the locker as being unexplained - HELD THAT:- We do not find any justifiable reason by CIT(A) for disregarding the submission of assessee of the amount being out of Stridhan more so when the assessee has been maintaining cash book and has stated to withdrawn more ₹ 20,00,000/- from the bank account and substantial addition has been deleted by accepting the explanation of the assessee - we find merit in the submission of the Learned AR. CIT(A) was not justified in upholding the addition of ₹ 60,000/-. We therefore direct its deletion. As far as the relief of ₹ 5,33,000/- which has been granted by CIT(A) and against which Revenue is before us, Revenue has not pointed to any fallacy in the findings of CIT(A). Unexplained jewellery - assessee had acquired jewellery weighing approximately 7090 gms between 08.05.2003 (date of previous search) and 16.01.2013 (date of the present search) - CIT-A deleted addition - HELD THAT:- CIT(A) while deleting the addition has given a finding that assessee had given the breakup of purchase of jewellery made during AY 2004-05 to 2012-13 duly supported by bank statements showing the details of such purchases and that the payment for bulk of the purchases have been made by cheque. He has further noted that the aforesaid details were available before the AO but the AO for mysterious reasons has not examined the same. He has also given a finding that assessee has also provided the capital accounts which are duly supported by purchases and which also support the year wise purchase as claimed by the assessee. He has further given a finding that the difference in quantity between the weight of jewellery as per the statement of acquisition (8678.323 gms) and the actual quantity of jewellery found at the time of search (9373.3 gms) was 694.977 gms valued at ₹ 21,68,485/- for A.Y. 2013.14 and against which Smt Kanchan Bhalla and Smt Divya Bhalla had made additional disclosure of ₹ 35,79,530/- and ₹ 39,64,299/- respectively on account of unexplained jewellery thus covering the shortfall. Before us, no fallacy in the findings of CIT(A) has been pointed out by Revenue. - Revenue appeal dismissed.
|