Shri Ashok Bhagat vs. ITO, Ward-3(5), Saharsa

Parties Involved

Facts Summary

The assessee, Shri Ashok Bhagat, is an individual and proprietor of M/s. Ashok Khad Beez Bhandar, deriving income from the retail sale of fertilizers and seeds. The case was selected for scrutiny due to cash deposits during the demonetization period. The Assessing Officer passed an assessment order under Section 147 of the Income Tax Act, adding Rs. 16,47,960/- as unexplained cash credit and Rs. 15,55,000/- as unexplained money. The assessee challenged this order before the Commissioner of Income-tax (Appeal)-NFAC, Delhi, which was dismissed. The assessee then filed an appeal against this order, which was heard by the Income Tax Appellate Tribunal, Patna Bench at Kolkata.…

Legal Issues

• 1. Whether the order passed by the Commissioner of Income-tax (Appeal)-NFAC, Delhi is valid?

Judgment Outcome

Decided in favour of Assessee.

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