RABINDRA KUMAR BISWAL,BHUBANESWAR vs. ITO, WARD-2(2), BHUBANESWAR

ITA 165/CTK/2017Status: DisposedITAT Cuttack18 August 2017AY 2009-105 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal found that the assessee had correctly accounted for the income from the supply of materials and installation in its sales account and reflected the net debit balance in the Executive Engineer's account in the balance sheet. Therefore, there was no suppression of assets.

What were the facts?

The Assessing Officer added Rs. 4,86,328/- to the assessee's income, treating it as suppression of assets. This was based on the finding that a payment received from the Executive Engineer was not fully reflected as a sundry debtor in the balance sheet.

What were the issues?

Whether the amount of Rs. 4,86,328/- represented a suppression of assets in the assessee's balance sheet, leading to an unjustified addition to income.

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, CUTTACK

Before: SHRI N.S SAINI

For Appellant: Shri J.M.Patnaik, AR
For Respondent: Shri D.K.Pradhan, DR

This is an appeal filed by the assessee against the order of CIT(A)-

1, Bhubaneswar dated 12.6.2015 for the assessment year 2009-2010. 2. The sole issue involved in this appeal is that the CIT(A) erred in confirming the addition of 4,86,328/- as suppression of assets.

3.

I have heard the rival submissions, perused the orders of lower

authorities and materials available on record. The undisputed facts of the case are that the Assessing officer found that the Executive Engineer,

Cuttack PH Division paid an amount of Rs.5,22,830/- on 31.3.2009 to the assessee, which was credited to the bank account after 31.3.2009. According to him, the Executive Engineer was not shown as the debtor for Asse ssment Year :20 09- 201 0

the said amount but shown as

The order continues below.

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