Pradeep Kumar vs. ITO, Ward 34(4)

Parties Involved

Facts Summary

The assessee, Pradeep Kumar, filed an e-return on 21.03.2017, declaring total income at Rs. NIL. The case was selected for complete scrutiny through CASS to examine the issue whether the stock has been valued correctly. Notice under section 143(2) of the Income-tax Act, 1961 was issued on 18.09.2017. The assessee's case was transferred to ITO, Ward 34 (4), Delhi on 11.10.2018. The assessee was involved in the trading of ferrous and non-ferrous metal and also showed income from salaries and other sources. The Assessing Officer made various additions, including unexplained credits of Rs. 3,24,70,767/-, disallowance of expenses on account of cash payment made to creditors of Rs. 73,10,000/-, unexplained cash of Rs. 3,00,000/-, and enhancement in net profit of Rs. 9,27,608/-. The Commissioner of Income-tax (Appeals) upheld the additions made by the Assessing Officer except for the addition of Rs. 9,27,608/- on account of enhancement in net profit. The assessee appealed against this order before the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the Commissioner of Income-tax (Appeals) erred in upholding the additions made by the Assessing Officer?
• 2. Whether the Commissioner of Income-tax (Appeals) erred in observing that no compliance was received by him during the course of appellate proceedings?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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