ACIT, Central Circle 25 vs. Shri Ramkesh Basist and M/s. Bulland Leasing & Finance Pvt. Ltd.

Parties Involved

Facts Summary

The Revenue has filed three appeals against the orders of the Commissioner of Income-tax (Appeals)-1, New Delhi for Assessment Years 2007-08 and 2011-12. The appeals involve additions made by the Assessing Officer on account of unaccounted money lending business, unaccounted payments to different parties, unaccounted cash, unaccounted jewellery, unaccounted receipts from Chit Fund business, and unaccounted money transactions. The Commissioner of Income-tax (Appeals) deleted these additions, and the Revenue has appealed these deletions.…

Legal Issues

• 1. Deletion of addition of Rs. 80,00,000/- on account of unaccounted money lending business.
• 2. Deletion of addition of Rs.1,32,15,769/- on account of unaccounted payment of money to different parties.
• 3. Deletion of addition of Rs. 81,460/- on account of unexplained income.
• 4. Deletion of addition of Rs.1,24,000/- on account of unaccounted cash.
• 5. Deletion of addition of Rs.16,53,580/- on account of unaccounted jewellery.
• 6. Deletion of addition of Rs.4,03,53,823/- on account of unaccounted receipts from Chit Fund business.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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