SANNIDHI C. PATEL Vs. THE INCOME TAX OFFICER

JUDGEMENT

(1.) THE assessee is aggrieved by the impugned order dated 12/07/2011 of the ld. First Appellate Authority, Mumbai. The first ground raised pertains to upholding addition of Rs. 25 lakh taking recourse to section 56(2)(vi) of the Income Tax Act, 1961(hereinafter the Act). The crux of argument advanced by Shri G.P. Mehta, ld. Counsel for the assessee, is that the ld. First Appellate Authority, without appreciating the fact and the evidences brought on record sustained the impugned addition which is clearly disregarded to the statutory provisions and judicial propositions. On the other hand, Shri Neil Philip, ld. DR, defended the conclusion arrived at in the impugned order.

(2.) WE have considered the rival submissions and perused the material available on record. The facts, in brief are that the assessee, an individual, derives income from salary, capital gains, business and other sources, declared total income of Rs. 2,55,870/ - in its return filed on 30/03/2009. In response to the notice, issued to the assessee, u/s. 143(2) of the Act submitted the details called for alongwith explanation. However, the Assessing Officer made addition of Rs. 25,45,513/ - to the returned income.