Deputy Commissioner of Income Tax vs. Narendra Gopal Singhal
Parties Involved
Facts Summary
A search and seizure action was carried out in the case of Shri Kishan Kumar Kalyani & Anr. On 04.04.2019. During the course of search action, a cash of Rs.2,51,50,000/- was seized wherein, he stated that out of the said cash, an amount of Rs.1,99,00,000/- belonged to the assessee. Statement of the assessee was recorded u/s. 131 of the Act during the assessment proceedings, wherein, he admitted that the said cash belonged to him. The assessee further stated that during the Assessment Year 2019-20, he had already offered an amount of Rs.2.90 Cr. for taxation, which included aforesaid amount. Further, cash amounting to Rs. 1 Cr. was seized from one Shri Bivas Kedia. He also stated that he was an employee of the assessee and the cash belonged to the assessee. During his statement recorded u/s. 131 of the Act, the assessee also admitted that the said cash belonged to him and stated before the AO that the same has also been included in income offered of Rs. 2.90 Cr. for AY 2019-20 and Rs.15,00,000/- for AY 2020-21. The AO, however, observed that the assessee had failed to establish the direct nexus of the cash seized of Rs. 1 Cr. from one Bivas Kedia and the income offered in the return of income.…
Decision in favour of
Partly Assessee / Partly Revenue
Legal Issues
- 1. The sole issue raised in this appeal is relating to the action of the Ld. CIT(A) in deleting the addition made by the Assessing Officer (in short “the AO”) of Rs. one Cr. in respect of the cash found and seized from one Bivas Kedia, which was owned up by the assessee.
Judgment Outcome
Decided in favour of Partly Assessee / Partly Revenue.
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