Braten Mandal vs. ITO, Ward-25(1), Kolkata

Parties Involved

Facts Summary

The appellant filed his income returns for the Assessment Years (AY) 2013-14 and 2014-15, declaring total incomes of Rs. 38,64,475/- and Rs. 24,71,830/- respectively. A notice under section 148 of the Income Tax Act, 1961 was issued for trading in shares of Indian Infotech & Software Ltd., identified as a bogus company. The Assessing Officer added Rs. 57,50,000/- for AY 2013-14 and Rs. 44,47,811/- for AY 2014-15. The appellant appealed to the Commissioner of Income-tax (Appeals) who dismissed the appeal. The appellant then appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the addition of Rs. 57,50,000/- for AY 2013-14 and Rs. 44,47,811/- for AY 2014-15 is justified?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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