BISHNU KUMAR LOHIA,KOLKATA vs. I.T.O., WARD - 45(3), KOLKATA, KOLKATA

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ITA 469/KOL/2022Status: DisposedITAT Kolkata19 April 2023AY 2009-20103 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal restored the matter to the Assessing Officer to examine both purchases and sales in conjunction with cumulative bank deposits and to consider the assessee's explanation before passing a fresh order.

What were the facts?

The Assessing Officer made an addition to the assessee's income based on unexplained deposits in the bank account, comparing them to purchases. The CIT(A) confirmed these additions.

What were the issues?

Whether the addition made on account of unexplained bank deposits was justified without considering sales and the assessee's explanation.

Which sections of the Income-tax Act were involved?

Section 250

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “SMC” BENCH KOLKATA

Before: Shri Sanjay Garg & Shri Girish Agrawal

order : April 19, 2023 आदेश / ORDER संजय गग�, �या�यक सद�य �वारा / Per Sanjay Garg, Judicial Member: The present appeal has been preferred by the assessee against the order dated 08.07.2022 of the National Faceless Appeal Centre [hereinafter referred to as ‘CIT(A)’] passed u/s 250 of the Income Tax Act (hereinafter referred to as the ‘Act’).

2.

The assessee is aggrieved by the action of the lower authorities in making addition in respect of certain deposits found in the bank account of the assessee.

3.

The assessee explained that the said deposits were out of business transaction of the assessee i.e. out of purchases and sale made during the year. The Assessing Officer compared purchases vis- a-vis deposits in the bank account and added the difference as unexplained income of the assessee.

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