Narmada Commodities Trading Pvt. Ltd. vs. ITO, Ward-6(3)
Case No: ITA No.1975 & 1976/KOL/2024
Court: Income Tax Appellate Tribunal “B” Bench, Kolkata
Date: 1/15/2025
Parties Involved
appellantNarmada Commodities Trading Pvt. Ltd.
respondentITO, Ward-6(3)
Facts Summary
The assessee, Narmada Commodities Trading Pvt. Ltd., filed its return of income on 08.10.2010, declaring a total income of ₹1,22,035/-. The Assessing Officer (AO) received information about undisclosed bank accounts with significant cash deposits that were not declared by the assessee. The AO reopened the case and issued notices, to which the assessee responded by providing books of account, bank statements, and other evidences. The AO observed deposits in undisclosed bank accounts amounting to …
Decision in favour of
Assessee
Legal Issues
- 1. Confirmation of addition of ₹35,41,517/- by the ld. CIT (A) as made by the ld. AO on account of unexplained cash credit u/s 68 of the Income-tax Act, 1961.
- 2. Order of ld. CIT (A) not restricting the addition to the commission at the rate of 0.20% per ₹100 instead of entire deposit being addition u/s 68 of the Act.
Precedents Relied Upon
2 precedents cited in this judgement.