Ramesh Prasad Gupta

Parties Involved

Facts Summary

The assessee, Ramesh Prasad Gupta, is an individual engaged in the business of trading food grains under the name M/s. Maa Ambey Traders. He furnished his return of income on 07.11.2017 for the relevant assessment year, declaring an income of Rs.5,99,987/- along with a tax audit report under section 44AB of the Income Tax Act. The Assessing Officer made an addition of Rs.33,24,500/- under section 68 of the Act, citing cash deposits during the demonetization period. The assessee appealed this addition before the Commissioner of Income Tax (Appeals), who dismissed the appeal ex-parte on 20th December, 2023, due to the assessee's failure to file written submissions or represent the case. The assessee then appealed to the Income Tax Appellate Tribunal (ITAT).…

Legal Issues

• 1. Whether the delay in filing the appeal before the ITAT should be condoned?
• 2. Whether the addition of Rs.33,24,500/- made by the Assessing Officer is justified?

Judgment Outcome

Decided in favour of Assessee.

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