Somdutt Bansal vs. Income Tax Officer 2(2), Lashkar, Gwalior

Parties Involved

Facts Summary

The assessee, Somdutt Bansal, was found to have taken accommodation entries through Shri Vipin Garg and Shri Amit Kumar Soni during FY 2010-11. The Assessing Officer received information about this and issued a notice under section 148 of the Income-tax Act, 1961. The assessee filed a return of income for AY 2011-12 declaring total income of Rs.7,17,900/-. The Assessing Officer observed that the assessee had declared turnover of Rs.10,06,00,309/- from trading of edible oil. The assessee submitted various documents to support the genuineness of the transaction with M/s. Shri Radha Krishan Traders. However, the Assessing Officer treated the transaction as bogus based on the statement of Vipin Garg and added the amount to the income of the assessee.…

Legal Issues

• 1. Whether the Assessing Officer was correct in treating the transaction as bogus and adding the amount to the income of the assessee?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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