Iapld/26/2022 Of Principal Commissioner Of Income Tax I Kanpur v. Shri Raj Kumar Agarwal

Case :- INCOME TAX APPEAL DEFECTIVE No. - 26 of 2022 Appellant :- Principal Commissioner Of Income Tax I KanpurRespondent :- Shri Raj Kumar AgarwalCounsel for Appellant :- Krishna Agarawal Hon'ble Surya Prakash Kesarwani,J.Hon'ble Jayant Banerji,J. Heard Sri Krishna Agarawal, learned counsel for the appellant. This appeal under Section 260 A of the Income Tax Act, 1961 has been filedchallenging the order dated 17.01.2022, passed by the Income Tax AppellateTribunal, Lucknow Bench "SMC" Lucknow in ITA No.205 of 2020 (A.Y. 2014-15). The basic question involved in the present appeal is with regard to deletion ofsome amount which was added by the Assessing Officer on the allegation ofpenny stock. The appeal of the respondent - assessee was allowed against the assessmentorder. The appeal filed by the assessee was allowed by the CIT (Appeal).Against the appellate order the Revenue had filed the aforesaid Income TaxAppeal which has been dismissed by the ITAT. After detailed discussion, the ITAT has recorded the following findings of fact : "The above findings recorded by ld. CIT(A) are quite exhaustive whereby he has discussed thebasis on which the Assessing Officer had made the additions. While allowing relief to the assessee,the ld. CIT(A) has specifically held that there is no adverse comment in the forrn of general andspecific statement by the Pr. Officer of stock exchange or by the company whose shares wereinvolved in these transactions and he held that Assessing Officer only quoted facts pertaining tovarious completely unrelated persons whose statement were recorded and on the basis ofunfounded presumptions. He further held that the name of the appellants were neither quoted byany of such persons nor any material relating to the assessee was found at any place whereinvestigation was done by the investigation Wing. The ld. CIT(A) relying on various orders ofLucknow Benches and other Benches has allowed relief to the assessee by placing reliance on theevidences filed by the assessee before Assessing Officer. I do not find any adversity in the order ofld. CIT(A) specifically keeping in view the fact that Lucknow Benches in a number of cases afterrelying on the judgment of Hon'ble Delhi High Court in the case of Krishna Devi and others hadallowed relief to various assessees." The concurrent findings of fact has been recorded by the first appellate authorityand the ITAT. Thus, no substantial question of law is involved in the presentappeal. The matter is concluded by findings of fact. For the reasons aforestated, we do not find any good reason to entertain thisappeal. Consequently, it is dismissed. Order Date :- 6.7.2022/vkg