ITA no. 708/Del/2019

Parties Involved

Facts Summary

In this case, a search action was carried out by the Economic Offence Wing CID, Bangalore on 05.08.2015 on M/s PSIK Finance Solutions Pvt. Ltd. group. Based upon that, search u/s 132A of the Income-tax Act, 1961, hereinafter referred to as the “Act”, was also carried out on the residential premises of the assessee on 08.08.2015. As per the Assessing Officer various material/documents were found and seized and statements of various persons were also recorded. The Assessing Officer further noticed that the assessee filed original return of her income u/s 139(1) of the Act on 26.09.2016 declaring total income at Rs. 5,93,910/- which was processed u/s 143(1) of the Act. Thereafter, the Assessing Officer proceeded to frame assessment u/s 143(3) of the Act. Thereby he made addition on account of unexplained investment of Rs. 2,45,00,000/- and assessed income at Rs. 2,50,93,910/-. Aggrieved against this assessee preferred appeal before learned CIT(Appeals), who after considering the submissions deleted the impugned addition. Now the Revenue is in appeal before this Tribunal.…

Legal Issues

• 1. Whether the learned CIT(Appeals) was justified in deleting the addition of Rs. 2,45,00,000/- u/s 69 of the IT Act?

Judgment Outcome

Decided in favour of Revenue.

Precedents Relied Upon

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