Income Tax Appellate Tribunal, Rajkot Bench, Rajkot

Parties Involved

Facts Summary

The assessee, Manoj Mohan Prajapati, filed his income return for the assessment year 2019-20 declaring a total income of Rs. 3,35,470/-. Information was received by the Assessing Officer pursuant to a search and seizure action conducted under section 132 of the Income-tax Act, 1961, in the case of a group, during which certain incriminating documents pertaining to the project 'Pragati Shopping Centre' were found. These documents contained details of alleged cash transactions/receipts by the developer. Based on this information, the assessment proceedings in the case of the assessee were reopened under section 147 of the Act. The Assessing Officer observed that the assessee had allegedly made a cash payment of Rs.1,60,000/- towards the purchase of Shop No. FF-16 on the first floor of the project 'Pragati Shopping Centre' during the relevant previous year. The Assessing Officer treated this alleged cash payment as unexplained investment under section 69 of the Act and made an addition of the said amount to the returned income.…

Legal Issues

• 1. Whether the addition made by the Assessing Officer was justified in law.

Judgment Outcome

Decided in favour of Assessee.

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