ITO-4(1), Raipur Vs. Smt. Radha Devi Goyal

Parties Involved

Facts Summary

The assessee, Smt. Radha Devi Goyal, filed her return of income for the assessment year 2011-12, declaring an income of Rs.4,04,430/-. The case was covered under section 153A of the Income-tax Act, 1961, based on search proceedings under section 132. The Income Tax Officer (A.O) initiated proceedings under section 147 of the Act after discovering undisclosed transactions of purchase/sale of shares amounting to Rs.4,35,400/-. The A.O determined the assessee's income at Rs.8,39,730/- after adding the undisclosed investment. The Commissioner of Income-Tax (Appeals) deleted the addition, finding no justification for the A.O's action. The revenue appealed to the tribunal, which set aside the CIT(Appeals) order and restored the matter to the A.O for re-adjudication.…

Legal Issues

• 1. Whether the CIT(A) was justified in deleting the addition of Rs.4,35,400/- made by the A.O u/s 69 of the Act?
• 2. Whether the assessee suppressed her undisclosed investment?

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

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