Kiran Agarwal Vs. ITO, Ward-46(1), Kolkata

Parties Involved

Facts Summary

This is an appeal filed by the assessee, Kiran Agarwal, against the order of the Ld. Commissioner of Income Tax (Appeals), NFAC, Delhi, passed on 23.02.2024 under section 250 of the Income Tax Act, 1961 for Assessment Year 2021-22. The assessee claimed income from commission, consultancy, capital gains, and other sources. She declared a total income of Rs. 4,32,300/- in her return of income. The return was selected for scrutiny due to large cash deposits in her bank account and property transactions. The Assessing Officer found a cash deposit of Rs. 1,23,75,000/- in her Punjab National Bank account. The assessee explained these deposits as proceeds from the sale of jewellery, jute bags, and commission income from assisting friends and relatives in property transactions. However, the Assessing Officer did not accept her explanations due to lack of substantial proof.…

Legal Issues

• 1. Verification of the sale of gold and gold jewellery amounting to Rs. 1,01,96,578/-.
• 2. Verification of the sale of raw jute and jute bags amounting to Rs. 4,00,000/-.
• 3. Verification of the commission income receipt amounting to Rs. 14,99,929/-.

Judgment Outcome

Decided in favour of Assessee.

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