Bijay Kumar Lodha vs ITO, Ward No.1, Baripada

Parties Involved

Facts Summary

The assessee, Bijay Kumar Lodha, filed his return of income for Assessment Year 2017-18 on 07.11.2017, disclosing a total income of Rs.6,32,930/-. The case was selected for limited scrutiny due to a large cash deposit in bank accounts during the year. A statutory notice under section 143(2) of the Income-tax Act, 1961 was issued on 27.08.2018. The assessment order was passed on 17-12-2019, adding Rs. 1,20,46,770/-. The appellant-assessee filed an appeal against this order, which was dismissed by the CIT Appeal on 29-06-2024. The appellant then filed an appeal before the ITAT on 01.03.2023.…

Legal Issues

• 1. The addition of Rs.1,14,13,837/- u/s 69A of the IT Act as unexplained money is illegal/Excessive and without any basis.
• 2. No due and proper opportunity of being heard was extended to the assessee before passing the order u/s 144 of the IT Act.
• 3. The Calculation of interest is excessive and not proper.
• 4. The initiation of penal proceeding is illegal as the unexplained income considered by AO is also illegal and unjust.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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