Suresh Kumar Banthia vs DCIT, CC 4(3), Kolkata
Case No: ITA No.1894/KOL/2025
Court: Income Tax Appellate Tribunal 'D' Bench, Kolkata
Date: 1/13/2026
Parties Involved
appellantDCIT, CC 4(3), Kolkata
respondentSuresh Kumar Banthia
Facts Summary
The case involves an appeal by the Revenue and a cross-objection by the assessee against the order of the Commissioner of Income-tax (Appeals), Kolkata, dated 31.03.2025 for the Assessment Year 2016-17. The original assessment was completed on 31.12.2018 under section 143(3)/153A. A search was conducted on finance brokers Kasera and Sanwaria on 30.11.2018, during which some documents were seized. A survey was conducted on the assessee and his group concern, Citizen Umbrella Mfg Co Ltd, on 19.02.…
Decision in favour of
Assessee
Legal Issues
- 1. Validity of the reassessment proceedings initiated under section 147 of the Act instead of section 153C.
- 2. Deletion of the addition of cash loans amounting to Rs. 36.65 crores under section 69A of the Act.
1 more legal issue analysed in this judgement.
Precedents Relied Upon
6 precedents cited in this judgement.