Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (10) TMI 121 - AT - Income TaxReopening of assessment u/s 147 - addition on account of alleged cash investment in property - HELD THAT:- CIT(A) on comparing the signature of assessee on seized material with the signature of Income tax return of assessee and held that assessee is the same person. No opportunity was given to the assessee to explain his version on such comparison. We find that the stand of the assessee throughout the proceedings is that the assessee has not relation nor any business transaction with Baldevbhai P Patel. We find that said Baldevbhai P Patel filed Petition under chapter XIXA of Income tax for settlement of his case and took similar plea as stated in his statement before survey team that assessee is one of his partner in making investment in land. However, such statement of assessee was not accepted by ld Income Tax Settlement Commission and the petition of Baldevbhai P Patel was dismissed and on further appeal Jurisdictional High Court was dismissed Considering the categorical finding of the Income Tax Settlement Commission (ITSC) in its order vis-a-vis land of survey No. 223 to 225 at Vesu, Surat, in holding that none of the dates, which were shown to be the dates of transactions tallied with the dates on which the consideration in the land was received. Commission observed that no evidence was brought on record by Baldevbhai B Patel to establish his proximity with Hitesh Savani (assessee) and that the order of the ITSC has been affirmed by Jurisdictional High Court, therefore, we find merit in the submissions of the ld AR for the assessee that there is no evidence to connect the assessee with the sized material except the statement of third party. We find that the statement of Baldevbhai P Patel is not accepted by Principal Commissioner, on the basis of which the settlement petition of Baldevbhai P Patel was not allowed. On the basis of aforesaid factual discussion, we are of the view that the addition on account of alleged cash investment in the land at survey No. 223 to 225 Vesu, Surat by assessing officer was not justified. Hence, we direct the assessing officer to delete the addition. In the result, the ground of the appeal is allowed.
|