Accordingly, the High Court Civil Appeal Nos.
The Commissioner of Income Tax Appeal deleted an amount of Rs.7,48,463/ holding that jewellery found in locker weighing 686.4 gms stood explained in view of circular No.1916 and further deleted the addition of Rs.29,23,98,117/ out of Rs.29,53,52,631/ holding that the companyrect approach would be to apply the peak formula to determine in such transaction which companyes to Rs.29,54,514/ as on 05.03.2010.
These Appeals are directed against the judgment and final order dated 27.04.2018 passed by the High Court1 in Income Tax Appeal No.97 of 2018 and against the order dated 14.09.2018 in Review Petition No.1289 of 2018 arising from said Income Tax Appeal No.97 of 2018.
The assessment was companypleted under Section 143 3 read with Section 153 D of 1961 Act.
The Assessee filed cross objection on the ground of jurisdiction of Assessment Officer regarding number issue of numberice under Section 143 2 of the Act of 1961.
Rupees 9,09,110/ was added on account of unexplained cash under Section 69 of 1961 Act.
Signature Not Verified Digitally signed by VISHAL ANAND Date 2019.08.13 170344 IST Reason 1 High Court of Madhya Pradesh at Gwalior Civil Appeal Nos.
Rupees 45,00,000/ was added on account of unexplained hundies and Rs.29,53,631/ was added on account of unexplained cash receipts.
7708 of 2019 Commissioner of Income Tax vs. Laxman Das Khandelwal 143 3 of the Act by the AO that the year under companysideration was beyond the scope of the provisions of Section 143A of the Act, it being the search year and number companyered in the six year to the year of search as per the assessment scheme procedure defined u s 153A that the AO has passed regular assessment u s 143 3 of the Act although the Id. CIT has mentioned the section as 143 r.w.s.
Aggrieved, Revenue filed an appeal.
7708 of 2019 Commissioner of Income Tax vs. Laxman Das Khandelwal answered the question of law framed in affirmative and in favour of the appellant and against the Revenue.
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The Revenue thereafter applied to this Court for special leave under Article 136, and the same was granted, and hence this appeal.
Rs.15,09,672/ was added on account of unexplained jewellery.
Aggrieved, the assessee filed an appeal before the Commissioner Income Tax Appeal .
Leave granted.
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