Case Number: ITA 745/DEL/2019
Appellant: Gyan Chand & Sons (HUF), Prop. M/s Gian Chand Mohinder Kumar, New Delhi
Respondent: CIT Circle-46, New Delhi
Assessment Year: 2013-14
Result: Favorable to Appellant
Case Filed On: February 1, 2019
Order Type: Final Tribunal Order
Date of Order: November 1, 2021
Pronounced On: November 1, 2021
The case ITA 745/DEL/2019 involves the appellant, Gyan Chand & Sons (HUF), represented by M/s Gian Chand Mohinder Kumar, challenging the assessment made by the respondent, CIT Circle-46, New Delhi, for the assessment year 2013-14. The appellant filed the case on February 1, 2019, and the final order was pronounced on November 1, 2021.
The appellant is a Hindu Undivided Family (HUF) engaged in business under the proprietorship of M/s Gian Chand Mohinder Kumar. The assessment year in question is 2013-14. The case revolves around the assessment made by the CIT Circle-46, New Delhi, which the appellant contested, leading to the filing of this appeal.
During the proceedings, the appellant relied heavily on the precedent set by the ITAT in the case of M/s Shagun Jewellers (P) Ltd. vs ACIT, documented in ITA No. 9890/Del/2019, dated June 16, 2020. The legal representative for the appellant, Mr. Suresh Kumar Gupta, CA, argued that the facts and circumstances of the present case were similar to those in the cited precedent.
The respondent, represented by Mr. Umesh Takyar, Sr. DR, stood by the assessments and orders issued by the authorities below.
The tribunal, comprising Vice President Sh. A. D. Jain and Accountant Member Dr. B. R. R. Kumar, reviewed the appeals from assessment years 2009-10 to 2013-14 together due to the identical nature of the issues involved. The tribunal noted that the earlier order in the case of M/s Shagun Jewellers provided a relevant precedent, particularly in the context of the unaccounted money lending business uncovered during a search operation involving multiple parties and significant sums of money.
Key points from the tribunal’s findings include:
The tribunal’s final judgment was favorable to the appellant, Gyan Chand & Sons (HUF). All the appeals of the appellant were allowed, and the additions made by the Assessing Officer were directed to be deleted. The decision underscored the importance of concrete evidence in substantiating claims of unaccounted transactions and highlighted the tribunal’s adherence to precedents in ensuring fair adjudication.
Order Pronounced in the Open Court on 01/11/2021
Signatures:
(A. D. Jain, Vice President) (Dr. B. R. R. Kumar, Accountant Member)
Date: 01/11/2021
Copy forwarded to:
Assistant Registrar
ITA 745/DEL/2019: Gyan Chand & Sons (HUF) vs CIT Circle-46, New Delhi – Assessment Year 2013-14
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