GAUTAM DEKA,NAGAON vs. INCOME TAX OFFICER, WARD-1, NAGAON

ITA 64/GTY/2020Status: DisposedITAT Guwahati15 January 2021AY 2016-175 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal held that the CIT(A) erred by not examining the assessee's reconciliation of the cash flow statement and dismissing it as an afterthought. The matter was remanded back to the AO for verification of the reconciliation.

What were the facts?

The Assessing Officer (AO) added Rs. 17,57,341/- to the assessee's income under Section 68, citing a difference in cash received from debtors versus credit sales. The assessee argued this was due to errors in the cash flow statement, not suppressed sales.

What were the issues?

Whether the CIT(A) was justified in confirming the addition without verifying the assessee's reconciliation of the cash flow statement, which was presented during the appellate proceedings.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, GAUHATI BENCH: GUWAHATI

Before: Shri A. T. Varkey, JM]

Pronounced: 15.01.2021

This is an appeal preferred by the assessee against the orders of Ld. CIT(A)- Guwahati-1, dated 14.01.2020 for A.Y. 2016-17. 2. The sole ground the assessee is against the action of Ld. CIT(A) in confirming the addition of Rs. 17,57,341/- u/s 68 of the Income Tax Act, 1961 (hereinafter referred to as the “Act”).

3.

Brief facts as noted by the AO is that the assessee has filed return of income showing total income of Rs. 14,25,310/-. The case was selected for limited scrutiny through CASS and the reason for scrutiny selection was whether the cash in hand shown in return of income is correct. According to AO, the tax consultant of assessee appeared before him and furnished the month wise total sales- cash & credit and t

The order continues below.

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