SHRI PALASH KUMAR KAPAS,HOWRAH vs. ACIT, CIR. 47, KOLKATA

PDF · subscribers
ITA 1419/KOL/2023Status: DisposedITAT Kolkata04 April 2025AY 2017-18Bench: SHRI DUVVURU RL REDDY, VICE PRESIDENT (KZ), SHRI RAKESH MISHRA (Accountant Member)1 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found that crucial documents like complete bills and details of capital introduction were not provided to the lower authorities. Therefore, both the orders of the AO and CIT(A) were set aside to allow the assessee a fresh opportunity to present their case.

What were the facts?

The assessee deposited cash in bank accounts during the demonetization period. The Assessing Officer treated a significant portion of these deposits as unexplained cash credit under Section 68, while the CIT(A) partly allowed the appeal. The assessee argued that the income was already offered in the return and should not be taxed again.

What were the issues?

Whether cash deposits during the demonetization period, already offered as income, can be treated as unexplained cash credit under Section 68. The applicability of Section 115BBE for higher tax rates on such income.

Which sections of the Income-tax Act were involved?

Section 68,Section 144,Section 115BBE

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(2)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Income Tax Appellate Tribunal, KOLKATA ‘D’ BENCH, KOLKATA

Before: SHRI DUVVURU RL REDDY(KZ) & SHRI RAKESH MISHRA

order

: April 4th, 2025 ORDER

PER RAKESH MISHRA, ACCOUNTANT MEMBER:

1.

This appeal filed by the assessee is against the order of the Commissioner of Income Tax (Appeals)- NFAC, Delhi [hereinafter referred to as ld. 'CIT(A)'] passed u/s 250 of the Income Tax Act, 1961 (hereinafter referred to as “the Act”) for AY 2017-18 dated 24.11.2023, which has been passed against the assessment order u/s 144 of the Act, dated 18.12.2019.

More judgments on Section 68

All 29,931 judgments and leading authorities on Section 68 →

Recent GST High Court judgments

Search GST case law →