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Arjun Mahato , Burdwan Principal CIT - Burdwan, Burdwan

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Court :
ITAT Kolkata

Brief :
 This appeal filed by the assessee is directed against the order ld. Principal Commissioner of Income Tax, Burdwan dated 24.08.2018 passed under section 263 of the Income Tax Act, 1961.

Citation :
I.T.A. No. 2172/KOL/2018

IN THE INCOME TAX APPELLATE TRIBUNAL,
KOLKATA ‘C’ BENCH, KOLKATA

Before Shri P.M. Jagtap, Vice-President (KZ)
and Shri A.T. Varkey, Judicial Member

I.T.A. No. 2172/KOL/2018
Assessment Year: 2014-2015

Arjun Mahato,.......................Appellant
Malancha, Kanainatshal,
DVC More, P.O. Sripalli,
Burdwan-713101
[PAN: AEZPM1499Q]

 -Vs.-

Principal Commissioner of Income Tax, Burdwan,..................Respondent
Aayakar Bhawan, Annexe Building,
Court Compound,
Burdwan-713101

Appearances by:
Shri Soumita Choudhury, Advocate, for the Appellant
Shri Sanjay Rai, CIT, D.R., for the Respondent

Date of concluding the hearing : March 17, 2021
Date of pronouncing the order : April 21, 2021

O R D E R

Per Shri P.M. Jagtap, Vice-President (KZ):-

 This appeal filed by the assessee is directed against the order ld. Principal Commissioner of Income Tax, Burdwan dated 24.08.2018 passed under section 263 of the Income Tax Act, 1961.

2. The assessee in the present case is an individual, who is engaged in the business of retail trading of Rice and Truck plying. The return of income for the year under consideration was filed by him on 25.11.2014 declaring a total income of Rs.2,68,588/-. The said return was selected for limited scrutiny through CASS for the reason that cash deposits found to be made in the Bank accounts of the assessee were more than the turnover declared by the assessee. During the course of assessment proceedings, it was found by the Assessing Officer that the total deposits made in the Bank account of the assessee with Punjab National Bank, Burdwan Branch during the year under consideration were Rs.7,61,00,785/-, which included, inter alia, cash deposits amounting to Rs.4,26,73,906/-. He also found that total deposits made in another Bank account of the assessee maintained with Union Bank, Burdwan Branch during the year under consideration amounted to Rs.18,95,000/- out of which the assessee had disclosed only Rs.4,40,580/- in the return of income filed for the year under consideration. He accordingly treated the deposits of Rs.4,41,28,326/- (Rs.4,26,73,906/- plus Rs.14,54,420/-) as undisclosed turnover of the assessee’s business and income from the same amounting to Rs.35,30,266/- as worked out by applying the profit rate of 8% was brought to tax by him in the hands of the assessee in the assessment completed under section 143(3) of the Act vide an order dated 25.08.2016. 

To know more in details find the attachment file

 

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on 11 May 2021
Published in Income Tax
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