Umesh Kyal vs. ACIT, Central Circle-3(2), Kolkata
Case No: ITA No.2566/Kol/2025
Court: Income Tax Appellate Tribunal, 'D' Bench, Kolkata
Date: 2/3/2026
Parties Involved
appellantUmesh Kyal
respondentACIT, Central Circle-3(2), Kolkata
Facts Summary
The assessee, Umesh Kyal, filed his return of income for the year under consideration declaring a total income of Rs. 70,12,560/-. A Search & Seizure operation under Section 132 of the Income-tax Act, 1961 was conducted on 18.08.2022 at the residential and office premises of the assessee. During the search, cash amounting to Rs. 83,26,000/- was found, out of which Rs. 75,00,000/- was seized. The Assessing Officer framed the assessment under Section 143(3) of the Act, treating Rs. 4,14,900/- unde…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the penalty levied by the Assessing Officer under Section 271AAB of the Act is excessive.
- 2. Whether the authorized officers failed to enquire about the source of the cash found during the search.
Precedents Relied Upon
2 precedents cited in this judgement.