Deputy Commissioner of Income Tax, Central Circle-31 vs. Ashok Kumar Gupta
Case No: ITA No.1397/Del./2023
Court: Income Tax Appellate Tribunal, Delhi Bench ‘A’
Date: 2/24/2025
Parties Involved
AppellantDeputy Commissioner of Income Tax, Central Circle-31
RespondentAshok Kumar Gupta
Facts Summary
Faqir Chand Lockers & Vaults Private Limited is engaged in providing lockers and vaults on lease rent to its customers. During a search operation under section 132 of the Income Tax Act, 1961, cash and jewellery worth Rs.4,66,09,558/- were found in several lockers. The company failed to provide complete KYC details for these lockers, making the owners unidentifiable. The Assessing Officer made a substantive addition of this amount in the hands of Ashok Kumar Gupta, the director of the company, a…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the addition of Rs.4,66,09,558/- is justifiable in the hands of Ashok Kumar Gupta.
- 2. Whether the addition should be sustained in the hands of Faqir Chand Lockers & Vaults Private Limited.
Precedents Relied Upon
2 precedents cited in this judgement.