Mohit Kumar
Case No: ITA No. 26/PAT/2022
Court: INCOME TAX APPELLATE TRIBUNAL, KOLKATA-PATNA ‘e-COURT’, KOLKATA
Date: 3/18/2025
Parties Involved
appellantMohit Kumar
respondentPrincipal Commissioner of Income Tax-1
Facts Summary
The assessee, Mohit Kumar, is a retail trader of gold and silver ornaments under the name Geetawali Jewellers in Sahebganj, Chapra. During the demonetization period, he made cash deposits of Rs.80,57,000/- and Rs.2,80,000/- in his bank accounts. He filed his income return showing a total income of Rs.4,11,680/-. The case was selected for scrutiny, and the Assessing Officer estimated his income at 6% of the total turnover of Rs.1,69,71,900/-, adding Rs.4,71,195/- to his total income. Aggrieved by…
Decision in favour of
Revenue
Legal Issues
- 1. Whether the Assessing Officer correctly estimated the income of the assessee at 6% of the total turnover without proper verification.
- 2. Whether the Principal Commissioner of Income Tax-1 was right in initiating proceedings under section 263 of the Income Tax Act.
Precedents Relied Upon
3 precedents cited in this judgement.