Anantharam Veerasinghaiah & Co. v. CIT

ACIT, Central Circle - 4(3), Kolkata vs. Sri Shashankdhar Mantri, Kolkata

In the result, appeal of the revenue is dismissed

Bench: Shri Rajpal Yadav, Hon’Ble & Dr. Manish Borad, Hon’Blei.T.A. No. 2494/Kol/2019 Assessment Year: 2016-17 A.C.I.T., Central Circle - 4(3), Kolkata Shri Shashankdhar Mantri Vs Continental Chambers 15A, Hemant Basu Sarani Kolkata - 700001 [Pan : Ajjpm5600L] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Miraj D. Shah, A.R. Revenue By : Shri P.P. Barman, Addl. Cit सुनवाई क" तारीख/Date Of Hearing : 09/02/2023 घोषणा क" तारीख /Date Of Pronouncement: 20/02/2023 आदेश/O R D E R Per Dr. Manish Borad: The Present Appeal Is Directed At The Instance Of The Revenue Against The Order Of The Learned Commissioner Of Income Tax (Appeals)-21, Kolkata, (Hereinafter The “Ld. Cit(A)”) Dt. 12/09/2019, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act’), For Assessment Year 2016-17. 2. Brief Facts Of The Case Are That The Assessee Is An Individual & He E- Filed The Return Of Income For Assessment Year 2016-17 On 31/07/2016 Declaring Total Income Of Rs. 30,30,350/-. Case Selected For Limited Scrutiny Under Cass Followed By Serving Of Notice U/S 143(2) & 142(1) Of Act. In The Course Of Assessment Proceedings, The Ld. Assessing Officer Noticed That During The Year Under Consideration The Assessee Had Deposited Cash Of Rs.1,49,00,000/- In The Bank Accounts Held With Uco Bank & Kotak Mahindra Bank. The Assessee Was Asked To Explain The Source Of Said Cash Deposits. In Reply, The Assesse Submitted That It Had Offered Income Of Rs.4.10 Crores In The Income For Assessment Year 2012-13 & 2013-14 Declared , During The Course Of Search, Towards Commodity Speculation Income Earned In Those Years & The Same Were Duly Disclosed In The

…it was not recorded in the regular books then such income can be telescoped against unexplained assets found subsequently. Reference in this regard may be made to the judgment of the Hon'ble Supreme Court in the case of Anantharam Veerasinghaiah & Co. Vs CIT (123 ITR 457) wherein the Hon'ble Apex Court held that when an "intangible" addition is made while assessing the profits of an assessee, it is made on the basis that amount represented by that addition constitutes the undisclosed income of the assessee. The Hon'ble Court stated that although such income is commonly described as I.T.A. No. 2494/Kol/2019 Assess…