Vijay Gupta vs. ACIT, Central Circle 17 and Vikas Gupta vs. ACIT, Central Circle 17

Parties Involved

Facts Summary

The case involves appeals filed by Vijay Gupta and Vikas Gupta against the orders of the Commissioner of Income-tax Appeals (CIT(A)) dated 12.12.2022 for the assessment year 2017-18. The appeals were interconnected and disposed of by a common order. A search and seizure operation was conducted on 14.12.2016 at the premises of Vijay Gupta and Vikas Gupta, who are brothers living in the same building. Various items including cash, stock, jewellery, and loose papers were found during the search. The Assessing Officer (AO) made additions to the income of both assessees based on the loose papers found. Vijay Gupta appealed against the additions made to his income, while Vikas Gupta appealed against the addition of cash found at his brother's residence. The Tribunal analyzed the submissions and material on record and concluded that the additions made to Vijay Gupta's income were not proper as there was no credible link to his income or business. The appeals of both assessees were allowed.…

Legal Issues

• 1. Whether loose papers not found from the appellant's possession could be considered for framing the assessment?
• 2. Whether the cash found at the residence of Vikas Gupta could be added to the income of Vijay Gupta?

Judgment Outcome

Decided in favour of Assessee.

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