Quote for the Day:

"Luxury and lies have huge maintenance costs.
Truth and simplicity are self maintained without any cost.
Honesty does not always pays, but dishonesty always costs.
Lies have speed, but truth has stamina"

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Income Tax Update:

( Contribution by CA. Shashi Pal )

Harish Jain Vs ACIT (ITAT Jaipur) Appeal Number : ITA. No. 389, 624 to 626/JPR/2024 Date of Judgement/Order : 26/12/2024 Related Assessment Year : 2012-13, 2014-15 to 2016-17

Issue : No additions can be made without incriminating material in cases of completed assessments

Held : The bench noted that in this case the addition so made for an amount of Rs. 15,00,000/- is purely based on the statement of the assessee recorded at the time of search. No supporting evidence or documents of having made the unaccounted investment was found by the search team. The addition is purely based on the statement so recorded. That statement the assessee already retracted. Thus, considering the decision of our jurisdictional Hon’ble Rajasthan High Court’s decision in the case of PCIT Vs. M/s. Esspal International P. Ltd. DB ITA no. 25/2024 dated 03/09/2024 [ 166 taxmann.com 722 (Rajasthan) ] wherein the Hon’ble High Court held that merely based on the retracted statement no addition can be made.

The relevant finding of binding judicial precedent is reproduced herein below: 11. Now it is a matter of record that Shirish Chandrakant Shah had retracted his statements given before the Assessing Officer. Even otherwise, an admission by the assessee cannot be said to be a conclusive piece of evidence. The admission of the assessee in absence of any corroborative evidence to strengthen the case of the Revenue cannot be made the basis for any addition. Therefore, the substantial questions of law framed by the appellant pertained to an open issue which stands concluded by the decision of the Hon’ble Supreme Court; one such decision was rendered in “M/s Pullangode Rubber Produce Co. Ltd. v. State of Kerala And Another” (1973) 19ITR18. 12. Therefore, we hold that no substantial question of law arises between the parties and while so, the present Income Tax Appeal is not maintainable. Respectfully following the finding of our jurisdictional High Court judgment in the case of M/s. Esspal International P. Ltd. (Supra) we do not find any reason to sustain the addition and therefore, the same is directed to be deleted. Since we have decided the appeal of the assessee on merits the other technical grounds raised become educative in nature. In the result the appeal of the assessee in ITA no. 626/JP/2024 stands allowed.

GST Update:

( Contribution by CA. Samarpit Sharma )

• The GST Insider 15th Edition Read More

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