ITA No. 1010/AHD/2017 & ITA No.1499/AHD/2024

Parties Involved

Facts Summary

The case involves two appeals by the same assessee, Hasmukhlal Prabhulal Mehta, pertaining to the Assessment Year 2012-2013. ITA No. 1010/AHD/2017 challenges the order dismissing the assessee's appeal against the assessment order passed under Section 143(3) of the Income Tax Act 1961. ITA No. 1499/AHD/2024 challenges the levy of penalty under Section 271(1)(c) of the Act. The assessee had filed a return of income declaring total income of INR.1,24,670/- after claiming deductions. The case was selected for compulsory scrutiny, and the Assessing Officer made additions under Section 69 of the Act for unexplained investments. The assessee had provided a cash flow statement explaining the source of credits, but the Assessing Officer and the Commissioner of Income Tax (Appeals) dismissed the appeal. The assessee then approached the Income Tax Appellate Tribunal.…

Legal Issues

• 1. The addition of INR.1,27,77,574/- made by the Assessing Officer under Section 69 of the Act.
• 2. The levy of penalty under Section 271(1)(c) of the Act.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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