Pawan Jajoo v. ITO - Taxpublishers.in

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The Tax Publishers2024 TaxPub(DT) 1221 (Mum-Trib) IN THE ITAT, MUMBAI BENCH AMIT SHUKLA, A.M. & PRASHANT MAHARISHI, A.M. Pawan Jajoo v. ITO ITA No. 2984/MUM/2023, 2985/MUM/2023, 2986/MUM/2023, 2987/MUM/2023, 2988/MUM/2023, 2989/MUM/2023 & 2990/MUM/2023 22 February, 2024 Assessee by: S.L. Jain, A.R. Revenue by: Jagdish Jangid, CIT D.R. ORDER *Bench* 1. These are seven appeals filed by the assessee from assessment year 2013-14 to 2019-20, involving common grounds of appeal, filed against the appellate order passed by learned Commissioner (Appeals)-49, Mumbai, (the ld CIT (A)) on 6-6-2023, dismissing the appeal of the assessee. Therefore, assessee is aggrieved and is in appeal before us. 2. Brief facts of the case shows that i. Assessee is an individual engaged in the business of brokerage, interest on savings account and agricultural income. ii. Search under section 132 of the Act was carried out on 6-12-2018, by investigation wing, New Delhi at the premises of locker no. 104 at Fakir Chand Lockers and Vaults (P) Ltd., Khara Boli, held in the name of the assessee. iii. In that locker cash amounting to Rs. 14 lacs were found. iv. Statement of the assessee was recorded under section 132(4) of the Income Tax Act, 1961 (the IT Act), where the assessee has stated that cash of Rs. 12 lacs belongs to him and the remaining Rs. 2 lacs belongs to his sister. v. The learned assessing officer found that this locker at Fakir Chand Lockers and Vaults (P) Ltd., Khara Boli, 6704A, Naya Bazar, Delhi. The locker was allotted without proper KYC and the lockers were also operated without any rules and regulations and further, CCTV cameras were also not working. vi. As one of the lockers was allotted in the name of assessee, summons under section 131 of the Income Tax Act, 1961 (the IT Act) was issued to him and Assessee appeared on 4-12-2018 and statement was recorded on oath. He was questioned about Rs. 14 lacs and its sources, wherein in answer to question no. 8, he submitted that out of Rs. 14 lacs, 12 lacs belongs to him and Rs. 2 lacs belongs to her sister. She has given this money before one year to him to be placed in locker. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers2024 TaxPub(DT) 1221 (Mum-Trib)

IN THE ITAT, MUMBAI BENCH

AMIT SHUKLA, A.M. & PRASHANT MAHARISHI, A.M.

Pawan Jajoo v. ITO

ITA No. 2984/MUM/2023, 2985/MUM/2023, 2986/MUM/2023, 2987/MUM/2023, 2988/MUM/2023, 2989/MUM/2023 & 2990/MUM/2023

22 February, 2024

Assessee by: S.L. Jain, A.R.

Revenue by: Jagdish Jangid, CIT D.R.

ORDER

Bench

1. These are seven appeals filed by the assessee from assessment year 2013-14 to 2019-20, involving common grounds of appeal, filed against the appellate order passed by learned Commissioner (Appeals)-49, Mumbai, (the ld CIT (A)) on 6-6-2023, dismissing the appeal of the assessee. Therefore, assessee is aggrieved and is in appeal before us.

2. Brief facts of the case shows that

i. Assessee is an individual engaged in the business of brokerage, interest on savings account and agricultural income.

ii. Search under section 132 of the Act was carried out on 6-12-2018, by investigation wing, New Delhi at the premises of locker no. 104 at Fakir Chand Lockers and Vaults (P) Ltd., Khara Boli, held in the name of the assessee.

iii. In that locker cash amounting to Rs. 14 lacs were found.

iv. Statement of the assessee was recorded under section 132(4) of the Income Tax Act, 1961 (the IT Act), where the assessee has stated that cash of Rs. 12 lacs belongs to him and the remaining Rs. 2 lacs belongs to his sister.

v. The learned assessing officer found that this locker at Fakir Chand Lockers and Vaults (P) Ltd., Khara Boli, 6704A, Naya Bazar, Delhi. The locker was allotted without proper KYC and the lockers were also operated without any rules and regulations and further, CCTV cameras were also not working.

vi. As one of the lockers was allotted in the name of assessee, summons under section 131 of the Income Tax Act, 1961 (the IT Act) was issued to him and Assessee appeared on 4-12-2018 and statement was recorded on oath. He was questioned about Rs. 14 lacs and its sources, wherein in answer to question no. 8, he submitted that out of Rs. 14 lacs, 12 lacs belongs to him and Rs. 2 lacs belongs to her sister. She has given this money before one year to him to be placed in locker.