SURESH SITARAM JOSHI,PUNE V. INCOME TAX OFFICER, SWARGATE

ITA 173/PUN/2025

AI Insights

The case involves an appeal by Suresh Sitaram Joshi against an order from the CIT(A) confirming an addition of Rs. 5,00,000 to the assessee's income, which was initially added by the Assessing Officer under sections 143(3) and 147 of the Income-tax Act, 1961. The addition was made on the grounds of unexplained investment under section 69 of the Act, based solely on information received from a third party. The assessee contested that neither he nor the builder involved in the transaction received any cash consideration beyond the total agreed amount. However, before the Tribunal could deliberate on the merits of the case, the assessee opted for the 'Vivad se Vishwas' scheme, leading to the withdrawal of the appeal.

• Counselvise Citation: [2025] 140 COUNSELVISE.COM (IT) 36203 (ITAT-PUNE)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-03-2025
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2015-2016
• Laws Referred To: Income-tax Act, 1961
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: BASAVARAJ
• Keywords: Unexplained investment
• Section: 144; 69

Judgement Text

"आयकर अपीलीय अधिकरण \"एस एम सी\" न्यायपीठ पुणे में । IN THE INCOME TAX APPELLATE TRIBUNAL \"SMC\" BENCH, PUNE BEFORE Dr. MANISH BORAD, ACCOUNTANT MEMBER AND SHRI VISWANETHRA RAVI, JUDICIAL MEMBER आयकर अपील सं. / ITA No.173/PUN/2025 धििाारण वषा / Assessment Year: 2015-2016 Suresh Sitaram Joshi, D-7, Rukhmini Palace Opportunity Saraswat Co- Op Bank, Karve Nagar, Pune-411052 Maharashtra PAN-AAPPJ9269H Vs ITO Ward 3(3), Swargate, Pune Appellant Respondent Assessee by : None Revenue by : Shri Basavaraj Hiremath, Additional CIT Date of hearing : 26.03.2025 Date of pronouncement : .03.2025 आदेश/ORDER PER DR. MANISH BORAD, ACCOUNTANT MEMBER : This captioned appeal filed by the assessee is directed against the order dated 06.08.2024 framed by Ld. CIT(A) NFAC u/s 143(3)/147 of the Income-tax Act, 1961 which is arising out of Assessment Order passed u/s.147 r.w.s. 144 of the Act dated 30.03.2022. 2. Assessee has raised following grounds of appeal:- 1) In the facts and circumstances of the case and in law, learned C.I.T. [A] has erred in confirming the addition of Rs.5,00,000/- wrongly made by the AO ignore the fact that, towards unexplained investment u/s 69 of the Act exclusively on the basis of information received from third party and without providing any documentary information and therefore the addition made by AO and confirmed by the CIT(A) is not justified and bad in Law. 2) In the facts and circumstances of the case and in law, the Ld CIT (A) NFAC has erred in confirming the above addition wrongly made by the AO (NFAC), ignoring the fact that, the appellant neither paid any cash consideration not the builder has received any cash consideration over and above of total consideration and therefore the addition made by the AO and confirmed by the CIT(A) is not justified and bad in law. 2 ITA No.173/PUN/2025 3) The appellant craves the permission to add, amend, modify, alter, revise, substitute, delete any or all grounds of appeal, if deemed necessary at the time of hearing of the appeal. 3. At the outset Ld. counsel for the assessee requested for granting permission to withdraw this appeal as assessee has opted for Direct Taxes “Vivad se Vishwas” scheme 2024. Copy of Form No. 1 & 2 is attached with the withdrawal application. 4. In absence of any objection from Ld. DR and considering the fact that assessee has opted for direct tax Vivad to Vishwas scheme, 2024 in order to end the litigation we dismiss the appeal of the assessee as withdrawan not pressed. Further liberty is granted to assessee to file miscellaneous application within prescribed time limit provided under the Act in case the assessee’s application under direct tax “Vivad se Vishwas” scheme 2024 is rejected. 5. In the result appeal of the assessee is dismissed as withdrawn as not pressed. Order pronounced on this day of March, 2025. (SS VISWANETHRA RAVI) (MANISH BORAD) JUDICIAL MEMBER ACCOUNTANT MEMBER पुणे/ Pune; दििांक / Dated: March, 2025. Neeta आिेश की प्रधिधलधप अग्रेधषि / Copy of the Order forwarded to: 1. अपीलार्थी / The Appellant. 2. प्रत्यर्थी / The Respondent. 3. The Pr. CIT concerned. 4. धवभागीय प्रधिधिधि, आयकर अपीलीय अधिकरण, \"SMC\" बेंच, पुणे / DR, ITAT, \"SMC\" Bench, Pune. 3 ITA No.173/PUN/2025 5. गार्ा फाइल / Guard File. आिेशािुसार / BY ORDER, // True Copy // Senior Private Secretary आयकर अपीलीय अधिकरण, पुणे / ITAT, Pune "