BASANT LAL GUPTA,SIDHI vs. INCOME TAX OFFICER WARD 1 , REWA

ITA 131/JAB/2024Status: DisposedITAT Jabalpur06 March 2026AY 2010-11Bench: SHRI ANADEE NATH MISSHRA (Accountant Member)5 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The ITAT condoned the delay in filing appeals. It directed the AO to recompute the assessee's income by applying a net profit rate of 12% on the turnover of Rs. 10,67,337. The penalty issue under Section 271(1)(c) was restored to the AO to be decided based on the recomputed income.

What were the facts?

The assessee deposited Rs. 10,67,337 in cash, which the AO treated as income. The CIT(A) dismissed the assessee's appeal on limitation grounds. The assessee appealed to the ITAT, seeking condonation of delay and arguing that only the profit element of the turnover should be taxed.

What were the issues?

The key issues were the condonation of delay in filing appeals, the taxability of cash deposits as business turnover versus income, and the imposition of penalty under Section 271(1)(c).

Which sections of the Income-tax Act were involved?

Section 147,Section 144,Section 253(3),Section 271(1)(c)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, JABALPUR BENCH “SMC”, JABALPUR

Before: SHRI ANADEE NATH MISSHRA

For Appellant: Shri Sapan Usrethe, Advocate

(A)

These appeals have been filed by the assessee for assessment year 2010-11 against impugned appellate order dated 26/10/2023, DIN & Order No.ITBA/NFAC/S/250/2023-24/1057425585(1) and orders dated 07.1.2023, DIN & Order No.ITBA/NFAC/S/250/2023-24/1058551316(1) and DIN & Order No.ITBA/ NFAC/S/250/2023-24/1058552330(1) respectively of Commissioner of Income Tax (Appeals) [“CIT(A)”] for short]. (B)

In the appeals vide ITA. Nos. 129 & 132/JAB/2024 filed by the assessee, filings are beyond time limit prescribed under section 253(3) of IT Act. The assessee has submitted applications for condonation of delay i

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 147

All 49,210 judgments and leading authorities on Section 147 →

Recent GST High Court judgments

Search GST case law →