Case Law Details
CIT Vs Prakash Chand Lunia (D) Thr.Lrs. & Anr. (Supreme Court of India)
With The Insertion of Explanation 1 To Sec 37, Decisions of SC In Piara Singh & Dr. T.A. Quereshi (Supra) Do Not Lay Down Correct Law.
Silver slabs/ingots were recovered from the premises during the search conducted by DRI. Customs Collector held that the silver was of smuggled nature ordered confiscation of silver valued at Rs.3.06 Crores in addition to imposition of personal penalty of Rs.25 Lakhs under the Customs Act
During the income tax assessment proceedings, AO held that investment in this regard was not found recorded in the books of accounts and the assessee was not able to explain the nature and source of acquisition of silver of which he is held to be the owner and made an addition of Rs.3,06,36,909/- u/s 69A. CIT(A) & ITAT upheld the addition u/s 69A.
Meanwhile penalty proceedings 271 (1) (c) penalty levied by AO was also confirmed by both the CIT (A) & the ITAT. Assesee filed further appeal to the High Court.
Please become a Premium member. If you are already a Premium member, login here to access the full content.
Author Bio
