Arun Kumar Bhaumik Vs. ACIT, Circle 50(1)

Parties Involved

Facts Summary

The assessee, Arun Kumar Bhaumik, filed his income return on 29.05.2017, declaring a total income of ₹28,05,810/-. The case was processed under section 143(1) of the Income-tax Act, 1961, and subsequently taken up for scrutiny. The assessee submitted various documents including profit and loss account, balance sheet, computation of income, confirmation, and bank statements. The assessee deposited cash of ₹92,72,000/- from 01.04.2016 to 08.11.2016 and ₹1,89,000/- from 09.11.2016 to 31.12.2016. The assessee is a stamp vendor who sells stamp duty papers on behalf of the government of West Bengal. The money received from customers was deposited into the bank account and then remitted to the stamp valuation authority for issuing stamps.…

Legal Issues

• 1. Whether the addition of ₹96,77,000/- as unexplained money made by the Ld. AO under section 69A of the Act is justified?

Judgment Outcome

Decided in favour of Assessee.

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