Case Law Details
Hitesh Mittal Vs DCIT (ITAT Delhi)
ITAT Delhi held that addition merely on the basis of bald statement under section 153A of the Income Tax Act without any incriminating material is unsustainable in law.
Facts- Based on search & seizure operation conducted u/s. 132 at the residential and business premises of M/s. Shri Vishnu Overseas Pvt. Ltd. and Shri Vishnu Eatables India Ltd. group of cases and bank lockers of the assessee, notice was issued to the assessee who has filed ROI on 19.10.2015, 30.11.2015 for A.Y.s 2011-12 and 2012-13, whereas no return has been filed by the assessee for A.Y. 2014-15. In spite of numerous opportunities allegedly given by AO to the assessee to file reply to the notice issued u/s. 142(1) of the Act, none appeared nor filed any required information and consequently the Assessing Officer proceeded to make addition of Rs.8,33,333/- on account of renovation of the house made by the assessee out of his undisclosed income and made addition of Rs.10,00,000/- on account of purchasing 50,000 shares @ Rs.10/- (face value) plus premium of Rs.10/- being unexplained investment for A.Y. 2011-12.
AO also made addition of Rs.20,64,300/- on account of investment made as a co-owner for purchase of the flat being unexplained income for A.Y. 2012-13. AO made an addition of Rs.52,32,179/- being the investment in jewellery out of his undisclosed sources and further made addition of Rs.50,000/- being undisclosed cash seized during the search operation and thereby framed assessment at the total income of Rs.23,43,380/-, Rs.24,05,300/- and Rs.52,82,179/- u/s. 144 read with Section 153A(b) of the Act for A.Y.s 2011-12, 2012-13 and 2014-15 respectively.
Assessee carried the matter before the ld. CIT (Appeals) by way of filing appeals, who have partly allowed the same. Feeling aggrieved with the impugned order passed by the ld. CIT (Appeals), assessee has come up before the Tribunal by way of filing present appeals.
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