Sudha Agarwal vs. DCIT, Circle-29, Kolkata

Parties Involved

Facts Summary

An Assessment Order was passed under sections 147 and 144B of the Income Tax Act, 1961, adding Rs.26,81,630/- under section 68 due to the suppression of income through bogus transactions. The assessee, Sudha Agarwal, appealed against this order to the Commissioner of Income Tax (Appeals), who dismissed the appeal. Dissatisfied, the assessee filed an appeal to the ITAT. The assessee sought to admit additional evidence, specifically a daily stock register, to prove that the purchases were genuine and that the profit from these transactions should be considered instead of the total amount added.…

Legal Issues

• 1. Whether the addition made by the Assessing Officer under section 68 of the Income Tax Act, 1961, is justified?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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