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

Parties Involved

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 before the CIT(A), which allowed the appeal, deleting the addition of Rs.10,46,12,536/- and partly allowing the addition of Rs.31,63,037/-. The revenue then appealed to the Tribunal, arguing that new documents were submitted during the appellate proceedings without the Assessing Officer's examination.…

Legal Issues

• 1. Addition of Rs.10,46,12,536/- as unexplained money
• 2. Addition of Rs.31,63,037/- as net profit
• 3. Non-examination of new documents by Assessing Officer

Judgment Outcome

Decided in favour of Revenue.

Precedents Relied Upon

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