ACIT v. Shri Deepak Soni - Taxpublishers.in

Case Laws Analysis
REFERRED Umesh Electricals v. Asstt. CIT 2011 TaxPub(DT) 2164 (Agra-Trib)
REFERRED CIT v. Metachem Industries 2000 TaxPub(DT) 0822 (MP-HC)
REFERRED CIT v. Orissa Corporation (P) Ltd. 1986 TaxPub(DT) 1425 (SC)
REFERRED CIT v. Padamchand Ramgopal 1970 TaxPub(DT) 0353 (SC)
REFERRED Umacharan Shaw & Bros. v. CIT 1959 TaxPub(DT) 0184 (SC)

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The Tax Publishers2020 TaxPub(DT) 2629 (Ind-Trib) : (2020) 082 ITR (Trib) 0324 IN THE ITAT, INDORE BENCH KUL BHARAT, J.M. & MANISH BORAD, A.M. ACIT v. Shri Deepak Soni ITA No. 270/Ind/2018 1 June, 2020 Against Revenue. Assessee by: Kunal Agrawal & Amit Choudhary, CAs Revenue by: Ashish Porwal, Sr. Departmental Representative ORDER *Manish Borad, A.M.* The above captioned appeal filed at the instance of Revenue pertaining to assessment year 2012-13 is directed against the orders of learned Commissioner (Appeals) (in short 'Ld. CIT (A)'), Ujjain, dated 19-1-2018 which is arising out of the order under section 143(3) of the Act, dated 31-3-2015 framed by DCIT, Ratlam. 2. Revenue has raised following grounds of appeal :-- 1. Whether on the facts and in the circumstances of the case, learned Commissioner (Appeals) was justified in deleting the addition of Rs. 2,19,13,800 made on account of unexplained expenditure in the purchase of gold bullion under section 69C of the Income Tax Act, 1961. 2. Whether on the facts and in the circumstances of the case, learned Commissioner (Appeals) was justified in deleting the addition of Rs. 65,42,060 made on account of unexplained loan creditors under section 68 of the Income Tax Act, 1961. The appellant reserves his right to add, amend or alter the grounds of appeal on or before the date, the appeal is finally heard for disposal. 3. Brief facts of the case as culled out from the records are that the assessee is an individual carrying on business of trading of gold & silver bar. E-return of income declaring income of Rs. 25,67,180 was filed on 30-9-2012 for the assessment year 2012-13. The case was selected for scrutiny through CASS. Statutory notices under section 142(1)/143(2) of the Act along with questionnaire were duly served upon the assessee. Assessment under section 143(3) of the Act was completed on 31-3-2015 at Rs. 3,10,23,040 making addition on account of unexplained expenditure under section 69C at Rs. 2,19,13,800 and unexplained loan creditors under section 68 at Rs. 65,42,060. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers2020 TaxPub(DT) 2629 (Ind-Trib) : (2020) 082 ITR (Trib) 0324

IN THE ITAT, INDORE BENCH

KUL BHARAT, J.M. & MANISH BORAD, A.M.

ACIT v. Shri Deepak Soni

ITA No. 270/Ind/2018

1 June, 2020

Against Revenue.

Assessee by: Kunal Agrawal & Amit Choudhary, CAs

Revenue by: Ashish Porwal, Sr. Departmental Representative

ORDER

Manish Borad, A.M.

The above captioned appeal filed at the instance of Revenue pertaining to assessment year 2012-13 is directed against the orders of learned Commissioner (Appeals) (in short 'Ld. CIT (A)'), Ujjain, dated 19-1-2018 which is arising out of the order under section 143(3) of the Act, dated 31-3-2015 framed by DCIT, Ratlam.

2. Revenue has raised following grounds of appeal :--

1. Whether on the facts and in the circumstances of the case, learned Commissioner (Appeals) was justified in deleting the addition of Rs. 2,19,13,800 made on account of unexplained expenditure in the purchase of gold bullion under section 69C of the Income Tax Act, 1961.

2. Whether on the facts and in the circumstances of the case, learned Commissioner (Appeals) was justified in deleting the addition of Rs. 65,42,060 made on account of unexplained loan creditors under section 68 of the Income Tax Act, 1961.

The appellant reserves his right to add, amend or alter the grounds of appeal on or before the date, the appeal is finally heard for disposal.

3. Brief facts of the case as culled out from the records are that the assessee is an individual carrying on business of trading of gold & silver bar. E-return of income declaring income of Rs. 25,67,180 was filed on 30-9-2012 for the assessment year 2012-13. The case was selected for scrutiny through CASS. Statutory notices under section 142(1)/143(2) of the Act along with questionnaire were duly served upon the assessee. Assessment under section 143(3) of the Act was completed on 31-3-2015 at Rs. 3,10,23,040 making addition on account of unexplained expenditure under section 69C at Rs. 2,19,13,800 and unexplained loan creditors under section 68 at Rs. 65,42,060.