GAYATRI HARDWARE & STORE,BHUBANESWAR vs. ITO, WARD 4(3), BHUBANESWAR, BHUBANE SWAR

ITA 242/CTK/2026Status: DisposedITAT Cuttack02 June 2026AY 2017-187 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal held that the bank had admitted a mistake in linking the PAN to the bank account. Since the bank letters confirming the account's ownership by the proprietor were issued after the assessment and appeal orders, the issue was restored to the Assessing Officer.

What were the facts?

The assessee, a partnership firm, had its bank account mistakenly linked to its PAN. The business was taken over by a partner who operated it as a proprietorship. Bank letters confirmed the account belonged to the proprietor, not the firm.

What were the issues?

Whether cash deposits in a bank account wrongly linked to a firm's PAN should be added to the firm's income when the account actually belongs to the proprietor.

Which sections of the Income-tax Act were involved?

Not explicitly mentioned

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, CUTTACK BENCH CUTTACK

Before: SHRI GEORGE MATHAN & SHRI RAJESH KUMAR

Hearing: 02/06/2026Pronounced: 02/06/2026

PerBench: This is an appeal filed by the assessee against the order of CIT(A), National Faceless Appeal Centre (NFAC), Delhi in Appeal No.CIT(A), Bhubaneswar-2/10126/2019-20 order dated 21/10/2024for the assessment year 2017-18. Shri Kanhayalal Sharma, AR appeared on behalf of the 2. assessee and Shri Vijay Singh, Sr. DR represented on behalf of the revenue.

3.

It was submitted by the ld. AR that the assessee is a partnership firm. It was closed more than 10 years ago. The business of the partnership firm has been taken over

The order continues below.

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