SURESH KUMAR JAIN, MUMBAI V. DCIT, CENTRAL CIRCLE-6(4), MUMBAI

ITA 1619/MUM/2023

AI Insights

This case involves an appeal by Mr. Suresh Kumar Jain against the order of the Commissioner of Income-tax (Appeals)-54, Mumbai, which upheld the assessment order passed by the Dy. Commissioner of Income Tax, Central Circle-6(4), Mumbai. The assessment order included an addition of \\u20b913,17,560/- as unexplained cash found during a search. The primary legal issue was whether the addition under Section 69A of the Income Tax Act was justified, given that the amount had been disclosed in the assessee's return of income for the assessment year 2017-18. The Tribunal's decision reversed the lower authorities' orders, highlighting the importance of proper disclosure in tax assessments.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 299487 (ITAT-MUMBAI)
• Duration Of Justice: 4 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-09-2023
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: G
• Next Hearing Date: 26-09-2023
• Assessment Year: 2017-2018
• Appeal Filed On: 09-05-2023
• Laws Referred To: Section 69A of the Income Tax Act
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 69A

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND SHRI SANDEEP SINGH KARHAIL, JM ITA No. 1619/Mum/2023 (Assessment Year: 2017-18) Suresh Kum ar Jain B-201, 2 nd F loor, Vastu Park , Near R yan Inte rnat ional Schoo l, Eve rsh ine Na ga r, Malad W est, Mum bai-400 064 Vs. DCIT, Central Circle-6(4) Room No.1925, 19 th Floor, Air India Building, Nariman Point, Mumbai-400 021 (Appellant) (Respondent) PAN No. ADHPJ4538L Assessee by : Shri K. Gopal & Shri Om Kandalkar, ARs Revenue by : Shri Dr. Kishor Dhule, CIT DR Date of hearing: 27.09.2023 Date of pronouncement : 28.09.2023 O R D E R PER PRASHANT MAHARISHI, AM: 01. This appeal is filed by Mr. Suresh Kumar Jain (assessee / appellant), for A.Y. 2017-18 against the appellate order passed by the Commissioner of Income-tax (Appeals)-54, Mumbai, dated 20 th March, 2023, filed against the assessment order passed by the Dy. Commissioner of Income Tax, Central Circle-6(4), Mumbai on 25 th December, 2018, was dismissed. The solitary ground of appeal in this case is an addition of ₹13,17,560/-, being cash found during search at the Page | 2 ITA No.1619/Mum/2023 Suresh Kumar Jain; A.Y. 17-18 Page | 3 ITA No.1619/Mum/2023 Suresh Kumar Jain; A.Y. 17-18 Page | 4 ITA No.1619/Mum/2023 Suresh Kumar Jain; A.Y. 17-18 Page | 5 ITA No.1619/Mum/2023 Suresh Kumar Jain; A.Y. 17-18 Page | 6 ITA No.1619/Mum/2023 Suresh Kumar Jain; A.Y. 17-18 Page | 7 ITA No.1619/Mum/2023 Suresh Kumar Jain; A.Y. 17-18 Page | 8 ITA No.1619/Mum/2023 Suresh Kumar Jain; A.Y. 17-18 already disclosed in the return of income filed by the assessee as on 31/3/2016 now cannot be denied. In view of this we do not find any reason to uphold the orders of the lower authorities. Accordingly, we direct the learned assessing officer to delete the addition of ₹1,317,560/- in the hands of the assessee under Section 69A of the act. 02. In the result, appeal of the assessee is allowed. Order pronounced in the open court on 28.09.2023. Sd/- Sd/- (SANDEEP SINGH KARHAIL) (PRASHANT MAHARISHI) (JUDICIAL MEMBER) (ACCOUNTANT MEMBER) Mumbai, Dated: 28.09.2023 Sudip Sarkar, Sr.PS/Dragon Copy of the Order forwarded to: 1. The Appellant 2. The Respondent 3. CIT 4. DR, ITAT, Mumbai 5. Guard file. BY ORDER, True Copy// Sr. Private Secretary/ Asst. Registrar Income Tax Appellate Tribunal, Mumbai