ITAT confirms Addition against George Muthoot [Read Order]

The Cochin bench of Income Tax Appellant Tribunal dismissed an appeal against Kerala’s leading businessman George Muthoot, a member of Muthoot Group.

In instant case, Assessee is a popular proprietor of M/s.GMG Associates filed his return of income wherein Assessing Officer confirmed the certain amount which was treated as agricultural income as income from other sources by invoking provisions of section 68 of the Income Tax Act.

Aggrieved by the action of Assessing Officer, the Assessee preferred an appeal to the First Appellate Authority. The CIT (A) confirmed the addition made by AO and stated that said amount which was treated as agricultural income is not gained from the Assessee’s own agricultural property and also stated that AO doesn’t find any documentary evidence regarding the same.

Further Aggrieved Assessee came up with an appeal before this Tribunal and reiterated their submission which was made earlier before lower authorities.

The bench including judicial member George George K and accountant member Chandra Poojari heard the rival submission and perused the records. The bench restored the decision of CIT (A) and also pointed that the said so-called agricultural property does not belong to the Assessee but to his family members.

Accordingly, the bench declared that assessee was never the owner of the agricultural properties where he received the said amount and he failed to produce the documentary evidence. Finally, the bench added the same as Income from other sources under section 68 of the Income Tax Act.

To Read the full text of the Order CLICK HERE