TaxTMI 
TaxTMI 
TaxTMI 
2022 (5) TMI 177
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....eturn of income for assessment year 2008-09 declaring an income of Rs.2,82,271/- under Section 139 (1) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') 3. On 28.09.2010, search and seizure operation under Section 132 of the Act was carried out in Triveni Group and a search warrant under Section 132 (1) of the Act was issued and executed in the name of the assessee as well. The assessee belongs to the Triveni Group. A notice under Section 153A of the Act was also issued to the assessee. 4. Pursuant to the notices issued under Section 142 (1) of the Act to the assessee on 12.09.2012 and 26.09.2012, the assessee filed return of income for the concerned year declaring an income of Rs.7,26,490/-. 5. The Assessing Officer fou....
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....n the present appeal has only challenged the order of ITAT deleting the addition of Rs.4,63,18,300/- (on account of unexplained cash credit and income from undisclosed sources). 9. The department has challenged the order of the ITAT on the ground that the Tribunal has failed to appreciate that the assessee had deposited Rs.5,01,90,000/- in cash on different dates in his bank account maintained with Axis Bank. The assessee submitted his cash flow wherein it was noticed that the money has been received from M/s Triveni Infrastructure Development Company Ltd. (TIDCO), M/s Triveni Motors, M/s Vivek Commodities and Ms. Mittal Infrastructure Tin Containers Ltd. However, the assessee did not give any evidence to substantiate such receipt and ther....
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.... 14. We have considered the submissions of Mr. Ruchir Bhatia. 15. The scope of jurisdiction in Section 260A is very well settled. It is a settled proposition that ITAT is the final arbiter of the facts. High Court can interfere in the order of the ITAT only if there is substantial question of law or there is manifest illegality or it suffers from perversity. The general rule is that High Court should be slow in interfering into the findings of ITAT, unless it suffers from any of the grounds mentioned hereinabove. 16. It is pertinent to mention here that the tribunal had also dismissed the cross objections of the assessee in regard to confirmation of certain addition made by the CIT (A). It is a matter of record that the assessee had not ....
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....d shareholders fund of Rs.46.57 crores and loan funds to the tune of Rs.47.04 crore and Triveni Motors had a capital of Rs.2.89 crores and loan funds of Rs.5.35 crores. He, therefore, held that the identity, creditworthiness and genuineness of M/s TIDCO and M/s Triveni Motors is above any suspicion. 11. In respect of the other two entities, namely, M/s Vivek Commodities and M/s Mittal Infrastructure Tin Containers Ltd., learned CIT (A) perused the copies of the income-tax return, balance sheet and profit and loss account, confirmation of accounts etc. It was submitted before the learned CIT (A) that the amounts from these two entities were received on account of pledging some of the shares of TIDCO, which were owned by the assessee pursua....
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....learned CIT (A) transmitted the documents to the learned AO calling upon him to submit the report. Learned CIT (A) recorded that in spite of three reminders, there was no response from the learned AO. In those circumstances, learned CIT (A) in order to ascertain the authenticity of the return of income, identity and creditworthiness of each of the partners addressed and a letter to the Directorate of Income Tax (systems) and obtained the report. On analysis of the return and documents, learned CIT (A) found that out of the 17 partners of M/s Vivek Commodites, the creditworthiness of one Harveer Singh was doubtful, as such the learned CIT (A) confirmed his contribution to an extent of Rs.2,62,500/-. 13. Similarly, out of 20 partners of M/s....