Jagdishkumar Manubhai Barot Vs. The Assistant Commissioner of Income-tax, Circle, Patan

Parties Involved

Facts Summary

The assessee is an individual engaged in the retail business of agricultural products. The assessee filed his return of income for the year under consideration on 05.09.2017, declaring a total income of Rs. 2,13,280/- and claimed exempt income of Rs. 27,68,906/-. The case was selected for scrutiny assessment under CASS, and the assessment under section 143(3) of the Income-tax Act was completed on 22.11.2019 at a taxable income of Rs. 12,82,510/- after making an addition of Rs. 10,69,226/-. The assessee was aggrieved by this order and filed an appeal before the Commissioner of Income Tax (Appeals) who dismissed the appeal. The assessee is now in appeal before the Tribunal.…

Legal Issues

• 1. Whether the addition of disallowance estimated expenses of Rs. 10,69,226/- allegedly incurred to earn exempt agricultural income was rightly made by the Assessing Officer.
• 2. Whether the entire addition ought to have been deleted as it is made purely on assumption and without any basis.

Judgment Outcome

Decided in favour of Assessee.

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