Sh. Atul Kumar Bansal Vs Assistant Commissioner of Income Tax

Parties Involved

Facts Summary

The assessee, Sh. Atul Kumar Bansal, an entry operator, was searched by the Income Tax Department in 2006. The search led to a consequential search assessment under section 153A r.w.s. 144 of the Income Tax Act, 1961, at an income of Rs.1,96,12,820/-. The assessee appealed against the original order, which was partly allowed by the Commissioner of Income Tax (Appeals) [CIT(A)]. The CIT(A) upheld an income of Rs.18,82,480/- against the returned income of Rs.1,76,500/-. The Revenue appealed to the Tribunal, which restored the matter to the Assessing Officer (AO) to complete the assessment. The AO completed the assessment at an income of Rs.44,85,400/-. The assessee further appealed to the CIT(A) and then to the ITAT. The ITAT set aside certain issues to the AO for reworking the addition under section 69A and the commission income. This case is now before the Tribunal for the third time.…

Legal Issues

• 1. Taxability of Rs.61,49,670/-
• 2. Chargeability of interest under section 234B of the Income Tax Act, 1961
• 3. Initiation of penalty under section 271(1)(c) of the Act

Judgment Outcome

Decided in favour of Revenue.

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