SAFIUL MALLICK,KOLKATA vs. ACIT, CIRCLE-27,HALDIA, PURBA MEDINIPUR

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ITA 1408/KOL/2016Status: DisposedITAT Kolkata05 September 2018AY 2008-097 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal noted that the assessee had raised an additional ground regarding telescoping benefit of undisclosed gross profits added by the AO in earlier assessment years against the peak credit addition. The Tribunal remitted the issue back to the AO to examine the telescoping benefit.

What were the facts?

The assessee made fixed deposits of Rs. 70,00,000/-. The Assessing Officer (AO) added this amount under Section 69 as unexplained investment, and also added the accrued interest. The CIT(A) enhanced the addition to Rs. 70,54,599/- based on the peak credit balance of an undisclosed bank account.

What were the issues?

Whether the peak credit balance in an undisclosed bank account can be reduced by prior period undisclosed income (telescoping benefit) when the source of the peak credit itself remains unexplained.

Which sections of the Income-tax Act were involved?

Section 69,Section 143(3),Section 147

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Income Tax Appellate Tribunal, “D”, BENCH

Before: SHRI S.S. GODARA, JM & DR. A.L.SAINI, AM

For Appellant: Shri Subash Agarwal, Advocate
Hearing: 06/06/2018Pronounced: 05/09/2018

आदेश क� ��त�ल�प अ�े�षत/Copy of the Order forwarded to : अपीलाथ� / The Appellant- Safiul Mallick 1. ��यथ� / The Respondent.- A.C.I.T., Circle-27, Haldia. 2. आयकर आयु�त(अपील) / The CIT(A)-7, Kolkata. 3. आयकर आयु�त / CIT-9, Kolkata. 4. �वभागीय ��त�न�ध, आयकर अपील�य अ�धकरण, कोलकाता 5. / DR, ITAT, Kolkata गाड� फाईल / Guard file. 6.

//True Copy// By Order

Senior Private Secretary, Head of Office/D.D.O, I.T.A.T, Kolkata Benches, Kolkata.

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