COMMISSIONER OF INCOME TAX Vs. ABHINAV KUMAR MITTAL

JUDGEMENT

(1.) THIS appeal has been filed by the revenue against the order dated 29.06.2012 passed by the Income Tax Appellate Tribunal in ITA 4460/Del/2010 pertaining to the assessment year 2006-07.

(2.) THE facts are that the respondent/ assessee had filed a return declaring an income of Rs. 39,90,410.00 on 18.07.2006. Subsequently, a search was conducted under Section 132 of the Income Tax Act, 1961 (hereinafter referred to as 'the said Act') on 26.04.2007 as also a survey operation under Section 133A in the premises of A. K. Capital Services Limited and its group companies as also in the premises of the Directors of those companies and their relatives. Thereafter, a notice under Section 153C of the said Act was issued on 07.10.2009. A response was issued by the assessee by their letter dated 13.10.2009 and the return already filed on 18.07.2006 was requested to be treated as the return in response to the said notice under Section 153C.

(3.) THE difference in the values, as declared by the assessee and as opined by the DVO, amounted to Rs. 50,21,900.00 in respect of the properties at Ahmedabad and an amount of Rs. 9,57,038.00 was the difference in respect of the Kolkata property. These additions were made by the Assessing Officer under Section 69 of the said Act.