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ITO, Ward-11(1), Kolkata vs. Sumangal Forex & Travels Pvt. Ltd

Case No: I.T.A. No.2211/Kol/2024 & C.O. No.60/Kol/2024
Court: Income Tax Appellate Tribunal, 'C' Bench, Kolkata
Date: 2/11/2025

Parties Involved

AppellantITO, Ward-11(1), Kolkata
RespondentSumangal Forex & Travels Pvt. Ltd

Facts Summary

The assessee, Sumangal Forex & Travels Pvt. Ltd, is a company engaged in foreign currency exchange business. For the assessment year 2018-19, the assessee declared a total income of Rs.1,45,236/-. Due to non-responsiveness, the case was reopened under section 147 for high-value cash deposits. A reassessment order was passed adding Rs.10,46,12,536/- as unexplained money and Rs.31,63,037/- as unexplained purchase, resulting in a total income of Rs.10,79,20,814/-. The assessee appealed this order b

Decision in favour of

Revenue

Legal Issues

  • 1. Addition of Rs.10,46,12,536/- as unexplained money
  • 2. Addition of Rs.31,63,037/- as net profit

1 more legal issue analysed in this judgement.

Precedents Relied Upon

3 precedents cited in this judgement.

Judgment Outcome

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