DCIT, Circle-49(1), Kolkata vs. Chiranjeet Kundu
Case No: I.T.A. No. 2060/Kol/2024
Court: INCOME TAX APPELLATE TRIBUNAL “C” BENCH KOLKATA
Date: 1/1/2025
Parties Involved
AppellantDCIT, Circle-49(1), Kolkata
RespondentChiranjeet Kundu
Facts Summary
The case involves large sums of money deposited as cash in the bank accounts of Chiranjeet Kundu during the demonetization period. The Assessing Officer (AO) recorded a finding that these cash deposits could not be verified due to the absence of books of accounts, which the assessee was required to produce. Consequently, the AO added Rs. 2,27,98,730/- under section 69A of the Income Tax Act, 1961. Aggrieved by this action, the assessee approached the Commissioner of Income Tax (Appeals) (CIT(A))…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the CIT(A) erred in deleting the addition of Rs. 2,27,98,730/- made by the AO on account of unexplained cash deposits.
- 2. Whether the CIT(A) erred in deleting the addition without getting books examined in/through remand proceedings by the AO.
Precedents Relied Upon
2 precedents cited in this judgement.