M/S. KINGFISHER SUPPLIERS PVT. LTD.,KOLKATA vs. ITO, WARD - 4(4), KOLKATA, KOLKATA

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ITA 365/KOL/2022Status: DisposedITAT Kolkata22 February 2023AY 2012-20133 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal set aside the CIT(A)'s order and restored the matter to the CIT(A) for a fresh decision. The CIT(A) was directed to provide a proper opportunity to the assessee to present its case.

What were the facts?

The assessee contested an addition of Rs. 72,00,000/- made by the Assessing Officer as unexplained cash credit. The assessee claimed it did not receive any sum from Shivanand Dealtrade Pvt. Ltd.

What were the issues?

Whether the addition of Rs. 72,00,000/- as unexplained cash credit was justified, and if the assessee was given a proper opportunity to present its case.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “B” BENCH KOLKATA

Before: Shri Sanjay Garg & Dr. Manish Borad

order : February 22, 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 26.04.2022 of the National Faceless Appeal Centre [hereinafter referred to as the ‘CIT(A)’] passed u/s 250 of the Income Tax Act, 1961 (hereinafter referred to as the ‘Act’).

2.

The assessee, in this appeal, has contested the action of the lower authorities in making impugned addition of Rs.72,00,000/- in respect of unexplained money received by the assessee from one ‘Shivanand Dealtrade Pvt. Ltd.’ holding that the same to unexplained cash credit invoking the provisions of section 68 of the Act.

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