2025 (8) TMI 1421

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....T, DR ORDER PER RAJ PAL YADAV, VP The Revenue is in appeal before the Tribunal against the order of the Commissioner of Income Tax (Appeals) [in short 'the CIT (A)'] dated 11.08.2023 passed for assessment year 2018-19. 2. Though the Revenue has taken three grounds of appeal but its substantial grievance is confined to one issue namely, CIT(A) has erred in deleting the addition of Rs. 83,72,3....

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....ewellery was found. While explaining the source of acquisition, assessee had contended that Shri Abhishek Singla has withdrawn a sum of Rs. 83,80,000/- from M/s Sheetal Industries. It was further submitted that in the hands of M/s Sheetal Industries, the income of Rs. 2,80,00,000/- was surrendered which has been assessed to tax. Shri Anmol Singla withdrew Rs. 10,70,000/-, thus this amount was avai....

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....sessee and made the addition. 5. Dissatisfied with the above, the assessee carried the matter in appeal before CIT(A). Assessee has demonstrated the details vide which amount was surrendered and how that income was allocated to different items of assets. The ld. CIT(A) was satisfied with the explanation of the assessee and deleted it. The First Appellate Authority has reproduced all the seized ma....