Commissioner of Income Tax vs Deepak Aggarwal

The revenue is aggrieved by an order dated 29-6-2007 passed by the Income Tax Appellate Tribunal, Delhi Bench "C," (the Tribunal) in ITA No. 2673/Delhi/2006 relevant for the assessment year 2004-05.

Pursuant to a search in the residential and office premises of the assessee, cash to the extent of Rs. 62,43,930 was found. According to the assessing officer, the assessee was able to explain possession of a part of the cash but he added an amount of Rs. 61,28,000 as an unexplained income u/s 69A of the Income Tax Act, 1961 (hereinafter referred to as the Act).

In appeal, the Commissioner (Appeals) (Commissioner (Appeals)) reversed the view taken by the assessing officer and that was upheld by the Tribunal.

Apart from the fact that there is a concurrent finding of fact arrived at by the Commissioner (Appeals) and the Tribunal, we find that the Tribunal has noted that the assessee was able to explain that cash to the extent of Rs. 50 lakhs belonged to M/s. Brilliant Portfolios Ltd. and cash to the extent of Rs. 10 lakhs belonged to M/s. Superior Builders Ltd. In addition, cash of Rs. 29,930 and Rs. 86,000 was found not to belong to the assessee since it was found from the premises of M/s. Superior Builders Ltd. and M/s. Clarion Properties Ltd. On this basis, the addition was deleted by the Commissioner (Appeals) as well as by the Tribunal.

Essentially what is arrived at by the two authorities below is a finding of fact in which we do not find any perversity.

No substantial question of law arises.

Dismissed.