ACIT, Cent. Cir-2(3), Hyderabad, Hyderabad V. Meka Srinivas, Hyderabad, Hyderabad

ITA 155/HYD/2017

• Counselvise Citation: [2021] 108 COUNSELVISE.COM (IT) 5380 (ITAT-HYDERABAD)
• Duration Of Justice: 4 year(s) 3 month(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 06-05-2021
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB-A
• Assessment Year: 2008-2009
• Appeal Filed On: 01-02-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: NIVEDITA BISWAS
• Assessee Lawyers: C P RAMASWAMY
• Keywords: Unexplained investment
• Section: 143(3); 153A

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD A BENCH, HYDERABAD. BEFORE SHRI S.S. GODARA, JUDICIAL MEMBER AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER (THROUGH VIRTUAL HEARING) ITA NO. 155 /HYD/201 7 (ASSESSMENT YEAR : 20 08 - 09 ) ASST. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 2(3), HYDERABAD. VS. SRI MEKA SRINIVAS, FLAT NO.305, SOLITAIRE BANJARA HILLS, ROAD NO.10, BANJARA HILLS, HYDERABAD. PAN BACPS 3232H APPELLANT RESPONDENT APPELLANT BY : SMT. NIVEDITA BISWAS (D.R) RESPONDENT BY : SHRI C. P. RAMA SWAMY. DATE OF HEARING : 24.02.20 21. DATE OF PRONOUNCEMENT : 06 .05. 2021. O R D E R PER SHRI S.S. GODARA, J.M. : THIS REVENUE S APPEAL FOR ASST. YEAR 20 08 - 09 ARISES FROM THE COMMISSIONER OF INCOME TAX (APPEALS) - 12, HYDERABAD ORDER DT. 29.09.2016 PASSED IN CASE NO. 0132/2015 - 16 IN PROCEEDINGS UNDER SECTION 143(3) R.W.S. 153A OF INCOME TAX ACT, 1961 (THE ACT). 2 ITA NO. 155/HYD/2017 HEARD BOTH THE PARTIES . C ASE FILE PERUSE D. 2. COMING TO THE REVENUES SOLE SUBSTANTIVE GRIEVANCE THAT THE CIT(APPEALS) HAS ERRED IN LAW IN REVERSING THE ASSESSING OFFICER S ACTION ADDING THE ALLEGED UNEXPLAINED INVESTMENT AMOUNT OF RS.1.90 CRORES, BOTH THE LEARNED REPRESENTATIVES INVITED OUR ATT ENTION TO THE LOWER APPELLATE DETAILED DISCUSSION TO THIS EFFECT AS UNDER : 3 ITA NO. 155/HYD/2017 4 ITA NO. 155/HYD/2017 5 ITA NO. 155/HYD/2017 6 ITA NO. 155/HYD/2017 3. LEARNED CIT - DR VEHEMENTLY SUPPORTED THE ASSESSING OFFICER 'S ACTION THAT HE HAD RIGHTLY MADE THE IMPUGNED UNEXPLAINED INVESTMENT ADDITION IN ASSESSEE'S HANDS ON ACCOUNT OF THE INCRIMINATING MATERIAL FOUND DURING THE COURSE OF SEARCH DT.10.02.2009 IN CASE OF M/S. SUVARNABHOOMI GROUP . A ND THAT THE CIT(APPEALS) HA S ERRED IN LAW AND ON FACTS IN DELETING THE SAME. THE ASSESSEE PLACED STRONG RELIANCE ON THE CIT(APPEALS) DETAILED DISCUSSION EXTRACTED IN PRECEDING PARAGRAPH IN DELETING THE IMPUGNED ADDITION. 4. WE HAVE HEARD RIVAL SUBMISSIONS IN SUPPORT AND AGAINST THE IMPUGNED ADDITION. WE FIND NO SUBSTANCE IN REVENUES 7 ITA NO. 155/HYD/2017 CONTENTION S. T HIS IS FOR THE REASON THAT THE ASSESSEE HEREIN SRI MEKA SRINIVAS HAS ALREADY PROVED HIMSELF TO HAVE ACTED AS MANAGING DIRECTOR (MD) OF M/S. SUVARNABHOONMI DEVELOPERS PVT. LTD. (SDPL) WH O W AS ENGAGED IN CORRESPONDING BUSINESS TRANSACTION IN REAL ESTATE . A ND ALSO THAT THE SEIZED DOCUMENT I.E. A/MS/RES/03 HAS NOWHERE INDICATED THE ASSESSEE'S NAME AT ALL LEADING TO THE INFERENCE THAT IT WAS HE HIMSELF IN INDIVIDUAL CAPACITY AND NOT THE COMPANY WHO HA D CARRIED OUT ALL THE REAL ESTATE TRANSACTIONS LEADING TO IMPUGNED UNEXPLAINED INVESTMENT ADDITION IN ISSUE . WE THUS FIND NO REASON TO RESTORE THE ASSESSMENT FINDINGS ASSESSING THE SUM IN ISSUE OF RS.1.90 CRORES IN ASSESSEE'S HANDS. THE CIT(A)S CONCLUSI ON UNDER CHALLENGE IS UPHELD THEREFORE. 5. THIS REVENUES APPEAL IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 06 .05.2 021. SD/ - SD/ - (LAXMI PRASAD SAHU) (S.S. GODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER HYDERABAD, DT. 06 .05 .2021. * REDDY GP 8 ITA NO. 155/HYD/2017 COPY TO : 1. SRI MEKA SRINIVAS, FLAT NO.305, SOLITAIRE BANJARA HILLS, ROAD NO.10, BANJARA HILLS, HYDERABAD. 2. ACIT, CENTRAL CIRCLE 2(3), HYDERABAD. 3. PR. C I T (CENTRAL) , HYDERABAD. 4. CIT(APPEALS) - 12, HYDERABAD. 5. DR, ITAT, HYDERABAD. 6. GUARD FILE. BY ORDER SR. PVT. SECRETARY, ITAT, HYDERABAD.