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Commissioner of Income Tax-I, Surat Versus Nagindas T. Kapadia (Prop: Shiv Krupa Jari)

2015 (5) TMI 224 - GUJARAT HIGH COURT

Addition u/son 69/69(C) - ITAT deleted addition as when the assessee did not offer ₹ 43,07,179/- as expenditure and did not claim deduction as expenditure, AO was not justified in invoking Section 69/69C and/or in making the addition as unexplained expenditure - Held that:- The assessee never offered and/or claimed deduction of ₹ 43,07,179/- as expenditure. Therefore, it is rightly observed by the learned Tribunal that there was no question of making any addition under Section 69/69( .....

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rightly held that the Assessing Officer has committed error in making addition of ₹ 43,07,179/- under Section 69/69C of the Act. No substantial question of law - Decided against revenue. - Tax Appeal No. 181 of 2015 - Dated:- 13-4-2015 - M. R. Shah And S. H. Vora,JJ. For the Appellant : Mr Sudhir M Mehta, Adv. For the Respondent : None ORDER (Per : Honourable Mr. Justice M. R. Shah) 1. Leave to substitute the question of law. 2. Feeling aggrieved and dissatisfied with the impugned judgment .....

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he total income at ₹ 2,49,970/-. That search and seizure operation under Section 132 of the Act was carried out on 14.12.2005 at the residential premises of the assessee and survey under Section 133A of the Act was also conducted at the business premises of the assessee on the same date. It appears that during the post-search inquiries, the assessee accepted the undisclosed income and/or undisclosed investments and/or undisclosed expenditure and admitted unaccounted income at ₹ 2.75 .....

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tion 143(2) of the Act was issued and duly served upon the assessee. Simultaneously, the notice under Section 142(1) of the Act along with the questionnaire dated 10.08.2007 and 02.11.2007 were issued which were duly served upon the assessee. That on the basis of one chit recovered during the search, in which, name of the assessee was reflected with the amount of ₹ 43,07,179/-, the assessee gave explanation with respect to the same, however, the Assessing Officer did not agree with the sam .....

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ct. 3.3. Feeling aggrieved and dissatisfied with the order passed by the learned CIT(A), the assessee preferred appeal before the learned Tribunal and by impugned judgment and order, the learned Tribunal has allowed the said appeal by deleting addition made by the Assessing Officer under Section 69/69(C) of the Act as confirmed by the learned CIT(A), by observing that when the assessee did not offer ₹ 43,07,179/- as expenditure and did not claim deduction of ₹ 43,07,179/- as expendit .....

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ified in deleting the addition made by the A.O. on account of unexplained expenditure of ₹ 43,07,179/- u/s 69C of the Act and duly confirmed by the CIT(A) in the absence of any cogent evidence in support of the claim of the said expenses of the Assessee?" 4. We have heard Shri Sudhir Mehta, learned advocate appearing on behalf of the Revenue and perused the impugned judgment and order passed by the learned Tribunal. We have also considered the order passed by the Assessing Officer in .....

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