MRITRAYEE DAS,KOLKATA vs. DCIT, CIR-27(1), HALDIA. , HALDIA

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ITA 502/KOL/2023Status: DisposedITAT Kolkata22 January 2025AY 2017-18Bench: SHRI DUVVURU RL REDDY, VICE PRESIDENT (KZ), SHRI RAKESH MISHRA (Accountant Member)8 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the addition made by the Assessing Officer and upheld by the CIT(A) was contrary to the facts and law. The Tribunal noted that the refunds pertained to earlier years and should have been addressed in those years, not the current one.

What were the facts?

The assessee, an authorized dealer of Hindustan Petroleum, received alleged refunds of booking amounts totaling Rs. 13,54,371/- from a developer. The Assessing Officer treated these as unexplained cash credits for the assessment year 2017-18, even though he admitted they did not relate to the impugned previous year.

What were the issues?

Whether cash credits received in earlier years and refunded in the current year can be treated as unexplained cash credits under Section 68 for the current assessment year.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

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

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

order

: January 22nd, 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 19.03.2023, which has been passed against the assessment order u/s 143(3) of the Act, dated 31.12.2019.

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