K.T. Handlooms vs. Income Tax Officer
Case No: ITA No. 1860/KOL/2024
Court: Income Tax Appellate Tribunal, 'SMC' Bench, Kolkata
Date: 3/21/2025
Parties Involved
appellantK.T. Handlooms
respondentIncome Tax Officer
Facts Summary
The assessee, K.T. Handlooms, is engaged in the wholesale trade of bed-sheets, bed-covers, pillow covers, curtains, mats, and other related handloom items. For the assessment year 2017-2018, the assessee filed its return of income declaring a total income of Rs. 7,86,260/-. The case was selected for scrutiny, and a notice under section 143(2) was issued. The assessee explained that the source of cash deposits during the demonetization period was from cash sales and cash in hand. However, the Ass…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the CIT(Appeals) erred in not deleting Rs. 29,76,105/- added by the AO under section 69A of the Act when the conditions to invoke the said section are not met.
Precedents Relied Upon
2 precedents cited in this judgement.