Bibekananda Pradhan vs DCIT, Circle-2(1), Bhubaneswar

Parties Involved

Facts Summary

The assessee, Bibekananda Pradhan, filed an appeal against the order of the Commissioner of Income Tax (Appeals) dated 12.03.2024, which dismissed the appeal regarding the addition of Rs.18,16,000/- under Section 69 of the Income Tax Act, 1961. The assessee argued that the addition was not justified as he was dealing in IMFL and had to accept cash in SBN due to the compulsion of customers opening the liquor bottles. The Assessing Officer had already allowed Rs.6,30,000/- as unexplained out of such sales in SBN and accepted the trading results declared by the assessee.…

Legal Issues

• 1. Whether the order dismissing the appeal is just and legal on the facts and in the circumstances of the case.
• 2. Whether the addition of Rs.18,16,000/- u/s.69 of the I.T.Act, 1961 is justified.

Judgment Outcome

Decided in favour of Assessee.

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