Manoj Kumar Saha & Sons HUF Vs. I.T.O., Ward-44(3), Kolkata

Parties Involved

Facts Summary

The assessee, Manoj Kumar Saha & Sons HUF, filed a return of income showing a total income of ₹2,88,660/- for the assessment year 2014-15, which was taken up for scrutiny. The assessee claimed that the cash deposited in the savings bank account was from the sale proceeds of fruits sold by auction, and all sales were made in cash. Despite the assessee's submissions and attempts to verify transactions, the Assessing Officer (AO) added a sum of ₹90,40,031/- to the total income, assessing it at ₹93,28,686/-. The assessee appealed to the Commissioner of Income Tax (Appeals)-NFAC, Delhi, who confirmed the addition due to lack of evidence. Aggrieved, the assessee filed an appeal before the Tribunal.…

Legal Issues

• 1. Whether the Ld. CIT(A) erred in upholding the addition of Rs 90,40,031/- as unexplained cash deposit.
• 2. Whether the Ld. CIT(A) ought to have accepted that the appellant was an auction agent in the wholesale fruit market and the cash deposit represented sale proceeds from such auction.
• 3. Whether the Ld. CIT(A) ought to have held that the entire cash deposit cannot represent the income as it was derived from the auction sale of fruits.
• 4. Whether, alternatively, only the peak credit in the bank account in the form of cash deposit could have been treated as income.

Judgment Outcome

Decided in favour of Assessee.

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