Sri Senthil Murugan Finance vs. The Income Tax Officer, Non-Corporate Ward-1(7), Madurai

Parties Involved

Facts Summary

The assessee, Sri Senthil Murugan Finance, a firm, filed its return of income for the assessment year 2013-14 declaring a total income of Rs.89,100/-. The Assessing Officer issued a notice under section 148 of the Income Tax Act, 1961, on the grounds that one of the partners admitted an unaccounted investment of Rs.43,00,000/- in the firm during a survey. The AO subsequently issued statutory notices and called for details. In response, the assessee submitted a reply with supporting documents. Based on the submitted details, the AO made additions of Rs.2,19,71,839/- as undisclosed cash credits and Rs.39,54,931/- as business income, concluding the assessment with a total income of Rs.2,64,59,035/-. Aggrieved by this order, the assessee appealed to the Commissioner of Income Tax (Appeal), Chennai-18, which dismissed the appeal due to insufficient submissions. The assessee then appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the Assessing Officer and the Commissioner of Income Tax (Appeal) provided adequate opportunity for reconciliation of survey materials and followed principles of natural justice.

Judgment Outcome

Decided in favour of Assessee.

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