Income Tax Officer vs. Prakash Chandra Saha

Parties Involved

Facts Summary

The assessee, Prakash Chandra Saha, is a non-filer of return. According to the order u/s 148A(d) of the Act dated 26.03.2022, there were financial transactions of ₹1,95,16,338/- by the assessee. The Income Tax Officer (ITO) held that the income of the assessee has escaped assessment due to cash withdrawals through bearer cheques amounting to ₹1,93,26,069/- and contract receipts from Save Solutions Pvt. Ltd. amounting to ₹1,90,269/-. Notice u/s 148 of the Act was issued on 26.02.2022, which was complied with by the assessee by filing the return of income on 19.04.2022, declaring total income of ₹2,23,660/-. The ITO assessed the income at ₹1,97,40,000/- by making an addition of cash withdrawals of ₹1,93,26,069/- as unexplained money and ₹1,90,269/- in respect of contractual receipt. In the appellate proceedings, the ld. CIT (A) allowed the appeal of the assessee by observing that the withdrawals were not unexplained money as the assessee acted as a Customer Service Point (CSP) agent for State Bank of India through Save Solutions Pvt. Ltd.…

Legal Issues

• 1. Admitting fresh evidences by ld CIT(A) without calling for the remand report which are in contravention of Rule 46A(3) of the Income Tax Rules, 1963.

Judgment Outcome

Decided in favour of Assessee.

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