LAWS(MAD)-2014-8-339

S SATHYANARAYANAN Vs. ASSISTANT COMMISSIONER OF INCOME TAX

Decided On August 25, 2014
S SATHYANARAYANAN Appellant
V/S
ASSISTANT COMMISSIONER OF INCOME TAX Respondents

JUDGEMENT

(1.) The above Tax Case (Appeals) are filed by the assessee as against the order of the Income Tax Appellate Tribunal for the assessment years 2002-03, 2003-04, 2003-04, 2004-05, 2004-05 and 2005-06 raising the following substantial questions of law:

(2.) The brief facts are as follows: In the course of search conducted under Section 132 of the Income Tax Act in the business premises and the residential premises of K.Sundararaj, father of the assessee on 21.09.2005, certain amount of cash, books of accounts and documents in respect of the assessee were seized. Hence, the Assessing Officer issued notices to the assessee under Section 153C of the Income Tax Act on various dates. In response to the same, the assessee filed his return of income disclosing certain income. The Assessing Officer scrutinized the assessment and in respect of each assessment year, the Assessing Officer made additions as undisclosed income and initiated penalty proceedings. The details of the various bank deposits, which according to the Assessing Officer remained unexplained, are as follows: <FRM>JUDGEMENT_339_LAWS(MAD)8_2014_1.html</FRM>

(3.) As against the said order, the assessee preferred further appeal before the Income Tax Appellate Tribunal. The Tribunal, after following the decision of the Delhi High Court in ITA No.415/2012 dated 21.01.2013 titled as CIT v. MAK Data Ltd, observed that the assessee had not given any proper explanation with regard to the source of income and confirmed the penalty proceedings initiated by the Assessing Officer. Aggrieved by the said order, the assessee preferred the present Tax Case (Appeals) raising the above-mentioned substantial questions of law.