Shri Kishan Kumar Gupta Vs. The I.T.O

Parties Involved

Facts Summary

The assessee, Shri Kishan Kumar Gupta, is a merchant trading in agro/vegetable products and has been regularly filing his return of income. For the assessment year 2014-15, the assessee declared a turnover of Rs 52,80,325/- and calculated his income @ 8% of turnover u/s 44AD of the Income-tax Act, 1961, declaring an income of Rs 3,92,730/-. The assessee claims to not maintain any books of accounts. During the assessment proceedings, the Assessing Officer noticed cash deposits in the bank account of the assessee and made an addition of Rs. 78,00,000/- u/s 68 and Rs. 2,25,174/- on account of profit over suppressed sales. Aggrieved by this, the assessee appealed to the ld. CIT(A), who upheld the addition. The assessee further appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the addition of Rs. 78,00,000/- under section 68 of the Act is justified.
• 2. Whether the addition of Rs. 2,25,174/- on account of profit over suppressed sale is justified.

Judgment Outcome

Decided in favour of Revenue.

Precedents Relied Upon

Similar Judgements

• Mohd. Sami Alam vs. Income Tax Officer

  SMC Bench, Kolkata benchAY 2013-14Partly Allowed

• Ishtiyaque Ahmed vs. DCIT/ACIT, CC-4(3), Kolkata

  Kolkata Bench benchAY 2020-21, 2021-22, 2022-23, 2019-20, 2020-21 & 2022-23Allowed

• Ripan Halder vs. Income Tax Officer

  Kolkata Bench benchAY 2016-17Allowed

• Kishan Kumar Gupta vs ITO

  Delhi 'B' Bench benchAY 2014-15Allowed

• Khakan Show vs. ITO, Balurghat

• Nand Lal Popli, Vs. The D.C.I.T.

  Chandigarh Bench benchAY 2007-08, 2009-10Partly Allowed