DCIT, Central Circle-4(4), Kolkata Vs. Vikas Kumar Agrawal
Parties Involved
Facts Summary
The assessee, Vikas Kumar Agrawal, filed his return of income for the Assessment Year 2017-18 declaring a total income of Rs. 9,54,420/-. The assessment was reopened following the Supreme Court's decision in Union of India & Ors. Vs. Asish Kumar Agarwal. The Assessing Officer (AO) added Rs. 8,00,070/- to the assessee's income for failing to explain a credit of that amount. The assessee appealed to the Commissioner of Income Tax (Appeals)-27, Kolkata (Ld. CIT(A)), who allowed the appeal, holding that the assessee had discharged his onus by providing details of the loan creditor. The revenue then appealed to the ITAT, Kolkata Bench, challenging this decision.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the Ld. CIT(A) erred in deleting the disallowed bogus unsecured loan of Rs. 8,00,070/- taken from a shell company.
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
2 precedents cited in this judgement.
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