Vikas Jalan Vs. CIT-Appeals-30

Parties Involved

Facts Summary

The assessee filed his original return of income declaring total income of Rs.12,24,260/-. The return was processed under section 143(1) of the Act on 24-01-2020. A search under section 132 of ACT was conducted at the business premises of M/s Faquir Chand Lockers and Vaults Private Limited. During the course of search, it was found that there were 300 lockers in the name of different persons mostly belonging to nearby business entities. In these lockers one locker No. 371 was allotted in the name of Shri Vikas Lalan, accordingly a search warrant issued in the name of the assessee and executed on 01-12-2018. During the search 2088.78gms jewellery of worth Rs.63,93,594/- was found form the locker of the assessee. The assessment jurisdiction was transferred to the Circle by the Pr. CIT Delhi-15 New Delhi. Notice under section 142(1) of the Act along with questionnaire was issued and served upon the assessee. The assessee did not furnish the source of jewellery found from the locker No.371. According to Assessing Officer the assessee was found the owner of jewellery/gold coin/ bullion worth of Rs.63,93,594/-. It was also found that the valuation report filed by the assessee do not prove that the said jewellery was acquired out of disclosed sources. The Assessing Officer completed the assessment proceedings after making the addition of RS. 63,93,594/- under section 69 of the Act. Aggrieved with the additions, the assessee preferred the appeal before the Ld. CIT(A), who vide order …

Legal Issues

• 1. Whether the order dated 28-05-2021 is not digitally signed on 28-05-2021 and unsigned order has no legal authority?
• 2. Whether the page of Panchnama on which authorized officer not signed should not be read/given any weightage as unsigned pages of panchnama are non-est in the eye of law?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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