Whether an income is to be treated as a business income or income from undisclosed sources u/s 68 of the Income Tax Act?

Last updated: 24 July 2021
Quick Summary
This Income Tax Appellate Tribunal case concerns whether an income of £1,99,999 should be treated as legitimate business income from commodity profits or as income from undisclosed sources under Section 68 of the Income Tax Act. The Assessing Officer initially treated it as undisclosed income because the brokers involved couldn't be contacted and the assessee wasn't a registered customer of the commodity exchange. The Tribunal has restored the matter to the Assessing Officer for further investigation, directing them to properly summon witnesses and verify the transactions to ensure a fair conclusion.

Court :
ITAT Kolkata

Brief :
The present appeal has been preferred by the assessee for the assessment year 2015-16 against the order dated 21.06.2019 of the Commissioner of Income Tax(Appeals)-10, Kolkata (hereinafter referred to as the ‘CIT(A)’).

Citation :
I.T.A. No.104/Kol/2021

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1 Year PLAN
1999
(Excl. of GST ₹359)

BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)

3 Months PLAN
999
(Excl. of GST ₹179)

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Published in Income Tax
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