Hemant Keshavrao Barsagade vs ITO, Ward-1, Chandrapur

Parties Involved

Facts Summary

The assessee, Hemant Keshavrao Barsagade, filed appeals against the orders of the Commissioner of Income Tax (Appeals)/NFAC, Delhi, which arose from a rectification order and a penalty order issued by the Income Tax Officer, Ward-1, Chandrapur for the Assessment Year 2013-14. The assessee contested the addition of Rs. 10,00,000/- for unexplained investment and the penalty of Rs. 2,11,710/- for concealment of income. The assessee argued that the investment was made from cash withdrawn from his bank accounts prior to the investment date. The Tribunal examined the bank transactions and found that the assessee had sufficient cash available to explain the source of the investment.…

Legal Issues

• 1. Addition of Rs. 10,00,000/- for unexplained investment under section 69 r.w.s. 115BBE of the Act.
• 2. Levy of penalty of Rs. 2,11,710/- for concealment of income under section 271(1)(c) of the Act.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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