SUJIT BISWAS,NADIA vs. I.T.O., WARD - 41(2), NADIA, NADIA

The various grounds raised by the assessee is against the confirmation of addition of ₹1,00,95,750/- by ld. CIT (A) as made by the ld. AO u/s 68 of the Act on account of cash deposit in ICICI Bank.

The facts in brief are that the assessee filed his return of income on 02.08.2016, by declaring total income at ₹2,92,240/-. The assessee engaged in the business of purchase and sale of vegetables and also acting as a commission agent on behalf of fruit suppliers/ growers. The case of the assessee was selected for limited scrutiny for verification of cash deposits into the bank account. Accordingly, the statutory notices were duly issued and served upon the assessee

After hearing the rival contentions and perusing the materials available on record, we find that the assessee is a commission agent engaged in the business of acting as a middleman for procuring fruit / vegetables and supplying to the shop keepers on commission basis for which the assessee has charged commission. The assessee has also made some purchases and sales of fruits and vegetables on his own account which were also shown in the profit and loss account of the

In the result, the appeal of the assessee is allowed.