https://www.taxtmi.com/css/info/rss_sitemap/rss_feed.css?v=1746094055 https://www.taxtmi.com Business/Tax/Law/GST/India/Taxation/Policies/Legal/Corporate Tax/Personal Tax/Vat Law/Legal Information/Tax Information/Legal Services/Tax Services Tax Management India. Com / MS Knowledge Processing Pvt. Ltd. All rights reserved. One stop solution for Direct Taxes and Indirect Taxes https://www.taxtmi.com/caselaws?id=754805 https://www.taxtmi.com/caselaws?id=754805 Additions against Investment in bank accounts - income from undisclosed sources - A.O. concluded that the assessee s own money has been routed through layering in the bank accounts located in ICICI Bank, Junagadh and Dena Bank, Mangrol - HELD THAT:- Assessee submitted that a statement u/s. 131 of the Act was recorded wherein he was questioned as who operated the list of seven bank accounts. In reply, the assessee stated that all such accounts were operated on his advice and suggestions to the respective persons. The assessee further submitted that Shri Amarbhai Bijalbhai Shamra and Shri Varjangbhai Meshurbhai Shamra names appeared in the seven entities. Their respective AO while making assessments u/s. 143(3) r.w.s. 144A and 147 made an addition respectively in their hands. Against the reassessment orders the respective assessee appeals are still pending before Ld. CIT(A), NFAC. Thus the addition made will make double addition on the very same transactions in all the assessees case, which is not permissible in law. As the appeals filed by Shri Amarbhai Bijalbhai Shamra and Shri Varjangbhai Meshurbhai Shamra are pending in Faceless Appeal presently before NFAC, this issue may be set aside back to the file of Ld. CIT(A) along with the pending appeals, thereby correct assessment of additions to be made in the hands of the respective assessee. CIT-DR has no objection in setting aside this issue back to the file of Ld. CIT(A), NFAC along with the other appeals pending before NFAC and also undertaken that necessary appeal details will be furnished from the NFAC portal for disposal of the present appeal. This issue is set aside to the file of Ld. CIT(A), NFAC, Delhi to take a final call along with the pending appeals in the case of the Shri Amarbhai Bijalbhai Shamra and Shri Varjangbhai Meshurbhai Shamra. Thus the grounds of appeal raised by the Revenue is allowed for statistical purpose. Addition made on account of investment in flat - CIT(A) deleted the addition made by the A.O. based on presumption and assumption, without verification of factual evidences and also against the provision of law. We do not find any infirmity in the order passed by the Ld. CIT(A) and the findings arrived was not distinguished by the Revenue with necessary evidence. Thus this ground no. 2 raised by the Revenue is devoid of merits and the same is hereby dismissed. Investment in gold future contracts - The method of trading in MCX Ltd. is one have to deposit/invest, the amount of quantity traded and to settle the contract periodically at the end of the contract credit or debit of difference is made in the account of the respective party. The assessee in this case has not disputed the settlement amount is the amount not invested by the assessee. However the copy of the ledger account provided by MCX Ltd on 25.02.2013 has never been given to the assessee for his rebuttal. Whereas the trading made by the assessee, resulted in a loss. Further the Revenue could not place on record any contra findings or evidences as recorded by the Ld. CIT(A). Therefore the findings arrived by Ld. CIT(A) does not require any interference and the grounds raised by the Revenue is hereby dismissed. Case-Laws Income Tax Wed, 21 Feb 2024 00:00:00 +0530