Asis Sarkar Vs. ITO, Ward-50(1), Kolkata
Case No: I.T.A. No.: 588/KOL/2025
Court: INCOME TAX APPELLATE TRIBUNAL, KOLKATA ‘SMC’ BENCH, KOLKATA
Date: 11/12/2025
Parties Involved
appellantAsis Sarkar
respondentITO, Ward-50(1), Kolkata
Facts Summary
The assessee, Asis Sarkar, filed his return of income for the assessment year 2014-15 showing a total income of ₹7,25,630/-. He furnished various documents including bank statements, fund flow statements, details of loans, and amounts received from debtors. The Assessing Officer (AO) found discrepancies in the balance amount as per the balance sheet for the financial years 2012-13 and 2013-14. Consequently, the AO treated ₹18,00,045/- as unexplained cash credits and added it to the assessee's in…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the addition of ₹18,00,045/- as unexplained cash credits under section 68 of the Act was justified.
- 2. Whether the addition of ₹2,39,684/- as short-term capital gains was arbitrary and void.
Precedents Relied Upon
2 precedents cited in this judgement.