ACIT, CIR-3, SURI, BIRBHUM, BIRBHUM vs. SURESH KUMAR AGARWAL, BIRBHUM

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ITA 1053/KOL/2016Status: DisposedITAT Kolkata27 April 2018AY 2011-20124 pages

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

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal confirmed the order of the CIT(A) which directed the Assessing Officer to tax the undisclosed amount by applying the net profit rate of the assessee's business.

What were the facts?

The Assessing Officer made an addition of Rs. 75,79,804/- on account of unexplained deposits in an undisclosed bank account. The assessee failed to prove the nature of these receipts and related expenditures.

What were the issues?

Whether the CIT(A) was justified in directing the AO to compute the income after applying the net profit rate on undisclosed deposits, and whether the deposits represented business receipts.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 147,Section 148,Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “B”, BENCH KOLKATA

Hearing: 26/04/2018Pronounced: 27/04/2018

आदेश क� ��त�ल�प अ�े�षत/Copy of the Order forwarded to : अपीलाथ� / The Appellant- ACIT, Circle-3, Suri Birbhum 1. ��यथ� / The Respondent.- Suresh Kumar Agarwal 2. आयकर आयु�त(अपील) / The CIT(A), Kolkata. 3. आयकर आयु�त / CIT 4. �वभागीय ��त�न�ध, आयकर अपील�य अ�धकरण, कोलकाता / DR, ITAT, Kolkata 5. 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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