Case Law Details
ACIT Vs Ramesh Kumar Mantri (ITAT Jaipur)
ITAT Jaipur held that addition solely on the basis of PEN drive found during the search proceedings, without checking the veracity/ reliability of the data recorded in the PEN drive, is unsustainable in law.
Facts-
The main issues involved in this case, as found by the AO in the assessment proceedings is long term capital gain income claimed by the assessee is considered as bogus for an amount of Rs. 11,96,03,020/- and added u/s 68 of the Act. The ld. AO also added an amount of commission paid for acquiring such alleged bogus long term capital gain was also added u/s 69C of the Act for an amount of Rs. 71,76,181/-. The ld. AO made an addition of Rs. 2,86,948/- as an adjustment amount of interest based on the entries recorded in the PEN drive found as undisclosed source income. The. Ld. CIT(A) has allowed the appeal of the assessee in part where in addition of Rs. 11,96,03,220/- and Rs. 71,76,181/- deleted and Rs.2,86,948/- was confirmed. Aggrieved from the said order of the ld. CIT(A) both the assessee and revenue has preferred this appeal before us.
Conclusion-
Please become a Premium member. If you are already a Premium member, login here to access the full content.
Author Bio
