PAVANKUMAR M SANGHVI Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) Appeal is filed by the assessee challenging the judgment of the Tribunal dt. 17th May, 2017 raising following questions for our consideration:

(2.) The issues pertained to additions made by the AO of two separate amounts of Rs. 20 lakhs and Rs. 3.66 lakhs (rounded off) under s. 68 of the IT Act, 1961 ('the Act' for short). The CIT(A) also confirmed such additions, upon which, the issue reached the Tribunal. Tribunal by the impugned judgment rejected the assessee's appeal making following observations:

(3.) Perusal of the orders on record and in particular, the above-quoted portion of the order of the Tribunal would make it clear that the entire issue is based on appreciation of evidence on record and thus factual in nature. The Tribunal has given elaborate reasons to come to the conclusion that the entire transaction was not genuine. In absence of any perversity, we do not see any reason to interfere.