Shri V. Bhaskaran vs. The Assistant Commissioner of Income Tax, Central Circle -2(4), Chennai

Parties Involved

Facts Summary

The case involves block assessment orders for the period 1987-88 to 1977-98 and assessment year 2017-18. Shri V. Bhaskaran, the Managing Director of J. Jay TV Pvt. Ltd., was subject to a search by the Income-tax Department on 24.09.1996. The search revealed unaccounted cash, gold jewelry, and silver articles. The assessee filed an appeal against the block assessment order and the assessment order for the year 2017-18. The appeal by the Revenue challenges the order of the Commissioner of Income Tax (Appeals) quashing the assessment framed under section 153C of the Income Tax Act.…

Legal Issues

• 1. Addition of deposits in the name of the assessee’s wife as undisclosed income.
• 2. Addition of silverware as unaccounted investment.
• 3. Estimated marriage expenses.
• 4. Estimated personal drawings.
• 5. Addition of advance tax payment.
• 6. Addition of foreign trip expenses.

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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