SATYAM SUREKA ,KOLKATA vs. DCIT, CENTRAL CIR-3(3), KOLKATA

ITA 152/KOL/2025Status: DisposedITAT Kolkata02 July 2025AY 2015-16Bench: Shri Rajesh Kumar (Accountant Member), Shri Pradip Kumar Choubey, Judicial Member] I.T.(S.S).A. No. 13 /Kol/2025 Assessment Years: 2013-14 Satyam Sureka Vs. DCIT, Central Circle-3(3), Kolkata (PAN: AUCPS 5659 K) Appellant / (अपीलार्थी) Respondent / प्रत्यर्थी I.T.(S.S).A. No. 14/Kol/2025 Sudha Sureka DCIT, Central Circle-3(3), Kolkata (PAN: AMAPS 0704 K) ) Appellant / (अपीलार्थी) Respondent / प्रत्यर्थी I.T.(S.S).A. No. 15/Kol/2025 Seema Sureka DCIT, Central Circle-3(3), Kolkata (PAN: ALRPS1 pages
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What did the Tribunal hold?

The Tribunal held that profits from commodity trading and amounts received on the dissolution of a trust, which were already disclosed and taxed, cannot be treated as unexplained cash credits. Similarly, disclosed gifts, even if from a trust, should not be subjected to further taxation under Section 68 if already offered to tax.

What were the facts?

During a search operation, the Assessing Officer (AO) treated commodity trading profits and certain credit card expenses as unexplained cash credits and income from undisclosed sources. The AO also treated a gift received from a trust as taxable income. The assessee appealed these additions.

What were the issues?

Whether commodity profits and amounts received from a trust dissolution, if disclosed and taxed, can be added again as unexplained cash credits. Whether disclosed gifts can be treated as income from other sources or unexplained cash credits.

Which sections of the Income-tax Act were involved?

Section 68,Section 115BBE,Section 56(2)

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Cases cited in this judgment(2)Show list

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आयकर अपील"य अ"धकरण, कोलकाता पीठ “डी’’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH: KOLKATA "ी राजेश कुमार, लेखा सट"य एवं "ी "द"प कुमार चौबे, "या"यक सद"य के सम" [Before Shri Rajesh Kumar, Accountant Member &Shri Pradip Kumar Choubey, Judicial Member] I.T.(S.S).A. No. 13 /Kol/2025 Assessment Years: 2013-14 Satyam Sureka Vs. DCIT, Central Circle-3(3), Kolkata

(PAN: AUCPS 5659 K) ( अपीलाथ" ) Respondent / ""यथ" Appellant / I.T.(S.S).A. No. 14/Kol/2025 Assessment Years: 2014-15 Sudha Sureka Vs. DCIT, Central Circle-3(3), Kolkata

(PAN: AMAPS 0704 K) ) ( अपीलाथ" ) Respondent / ""यथ" Appellant / I.T.(S.S).A. No. 15/Kol/2025 Assessment Years: 2014-15 Seema Sureka Vs. DCIT, Central Circle-3(3), Kolkata

(PAN: ALRPS 1237 R) ( अपीलाथ" ) Respondent / ""यथ" Appellant /

2 IT(S.S)A Nos. 13,14 & 15/Kol/2025 Assessment Years: 2013-14, 2014-15&2015-16 Satyam Sureka & Ors.

I.T.A. No. 152 /Kol/2025 Assessment Years: 2015-16 Satyam Sureka Vs. DCIT, Central Circle-3(3), Kolkata

(PAN: AUCPS 5659 K) ( अपीलाथ" ) Respondent / ""यथ" Appellant / Date of Hearing / सुनवाई 06.05.2025 क" "त"थ Date of Pronouncement/ 02.07.2025 आदेश उ"घोषणा क" "त"थ For the assessee / Shri

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