ITO, Ward-6(2), Kolkata v. Prakash Agarwal

Parties Involved

Facts Summary

The case involves an appeal by the Revenue against the order of the Commissioner of Income Tax (Appeals)-NFAC, Delhi, which deleted the addition of Rs. 75,39,770/- made by the Assessing Officer on account of unexplained expenditure under section 69C of the Income Tax Act, 1961. The Assessing Officer had made the addition based on large-scale transactions through credit card, which the assessee did not explain. However, the Commissioner of Income Tax (Appeals) found that the Assessing Officer had taken duplicate transactions into account, leading to an exaggerated amount of expenditure. The assessee explained the transactions before the Commissioner of Income Tax (Appeals), who accepted the explanation and deleted the addition.…

Legal Issues

• 1. Whether the addition made by the Assessing Officer was justified.

Judgment Outcome

Decided in favour of Revenue.

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