JAGDISH PRASAD KHAITAN,KOLKATA vs. I.T.O.,WARD-35(2), KOLKATA

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ITA 1221/KOL/2019Status: DisposedITAT Kolkata19 February 2020AY 2010-112 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal affirmed the lower authorities' decision, finding that the alleged commodity transactions lacked genuineness and creditworthiness, citing judicial precedents.

What were the facts?

The assessee's appeal for AY 2010-11 challenged the disallowance of commodity profits and brokerage expenses. The lower authorities treated the commodity profits as unexplained cash credits.

What were the issues?

Whether the commodity profits could be treated as unexplained cash credits and disallowed. The genuineness and creditworthiness of the alleged commodity transactions.

Which sections of the Income-tax Act were involved?

Section 68,Section 147,Section 143(3)

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Income Tax Appellate Tribunal, KOLKATA BENCH “SMC” KOLKATA

Before: Shri S.S, Godara

आदेश /O R D E R This assessee’s appeal for assessment year 2010-11, arises against the Commissioner of Income-tax (Appeals)-10, Kolkata’s order dated 29.03.2019 passed in case No.1024/CIT(A)-10/Wd-35(2)/2010-11/2017-18/Kol, involving proceedings u/s. 147 r.w.s. 143(3) of the Income Tax Act, 1961; in short ‘the Act’. Case called twice. Registry had sent an RPAD to the assessee stand received back “un-served”. It is accordingly proceeded ex parte. The case is now taken up for adjudication on merits.

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