Praveen Kumar Saini Vs ITO (ITAT Jaipur)
Cash Trail Missing, Loose-Paper Maths Duplicated: ITAT Gives Mixed Verdict
Cash and Jewellery Additions Upheld; Loose Papers Remanded
The Jaipur ITAT upheld additions of ₹45,76,698 for unexplained cash and ₹97,500 for an unexplained gold necklace, while restoring a ₹4,26,48,355 loose-paper addition to the Assessing Officer for reconsideration.
The Tribunal found that the loose-paper computation taxed interconnected transactions more than once. However, it declined to dismiss the papers as wholly irrelevant and directed further examination.
The assessee’s challenge to the assessment procedure was also rejected. The appeal was partly allowed for statistical purposes, with relief confined to fresh examination of the loose-paper issue.
Election Surveillance Interception Triggered Requisition
On 15 November 2013, a Static Surveillance Team intercepted a Scorpio vehicle at Nawalgarh, Jhunjhunu, in which the assessee was travelling.
The team found ₹45.77 lakh in cash, a gold necklace, foreign currency and loose papers. A warrant under Section 132A was issued on 25 November 2013, and the Department requisitioned the cash, necklace and papers.
The assessee, stated to be engaged in civil construction, subsequently filed a return declaring total income of ₹31,20,000.
The assessment was completed on 9 March 2016 under Section 143(3) read with Section 153B(1)(b), determining income at approximately ₹4.81 crore. The CIT(A) dismissed the appeal against the assessment.
