TaxTMI 
TaxTMI 
2025 (12) TMI 1709
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....ol/2025 - Facts in brief are that the assessee is an individual and engaged in the trading business of card board boxes and doing business under the name and style M/s Unique Cardboard Box and the assessee filed his return of income u/s 139(4) of IT Act, 1961 on 03.12.2020 and disclosed total income at Rs 4,18,940/. The assessee calculated his total income on presumptive basis u/s 44AD of the Act. On 09.08.2021, cash of Rs 25,00,000/- were found in the possession of the assessee by police of Barra Bazar Police Station and the money was seized by police and subsequently, as per direction of the Chief Metropolitan Magistrate, Kolkata the said money was handed over to Income Tax Department by Kolkata Police on 20.12.2021. Ultimately, the assessee was covered under the search operation u/s 132A of the Act and the assessee furnished explanation that out of the seized cash of Rs. 25,00,000/-, an amount of Rs 15,50,000/- belonged to him and Rs. 9,50,000/-belonged to his mother which she received from her tenants as advance (security money) and in support of his contention, the assessee also furnished copies of six rental agreements between his mother Ashma Bibi and six persons. On the bas....
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....Rs 83,250/- Property As per last account Rs 12,65,650/- Rs 13,65,317/- 6.1 On perusal of the above, it appears that the total of the three entries is Rs. 13,65,317/- and the amount of Rs. 13,65,317/- was disclosed in the ITR filed under section 139(4) dated 03.12. 2020 and in this case, inadvertently at the time of submission of ITR under section 148 dated 27.01.2024, due to clerical mistake, the amount under the head fixed assets declared at nil. In the light of the above discussion, we note that the Assessing Officer failed bring to any record to prove that the investment of Rs. 13,65,317/- were made during the financial year 2019-20 corresponding to assessment year 2020-21 and hence, we delete the addition made by the AO of Rs. 13,65,317/-as unexplained investment under section 69 of the Act. 7. ITA No.2067/Kol/2025 - Facts in brief are that in the present case, the appellant flied his return of income on 18.11.2021 by disclosed total income at Rs. 4,08,060/- which was calculated on presumptive basis u/s 44AD of the Act and the return of the appellant was selected for compulsory scrutiny. Accordingly, notices u/....
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....ion of Rs. 3,19,671/-, the ld. AR submits that the appellant had disclosed the cash in hand in his income tax return and also in the balance sheet at Rs. 9,76,671/-, whereas the Assessing Officer in the assessment order calculated the cash in hand at Rs 6,57,000/- So, in this process the disclosed income of Rs. 3,19,671/- (9,76,671-6,57,000) was not capitalised and the Assessing Officer wrongly made the addition enhancement of closing capital of Rs. 3,19,671/- and the same may be deleted. 10. Contrary to that, the ld. DR relied on the impugned order. 11. After hearing the submissions of the counsels of the respective parties and perusing the orders of the lower authorities, we find that in respect of issue of addition of Rs. 2,12,332/- under the head business, the Assessing Officer on the basis of total deposits in two bank accounts of the assessee calculated the total turnover of the business at Rs 72,47,575/- whereas the assessee declared total turnover in the return as Rs. 47,66,000/- and considering the profit 8.56% calculated the total income at Rs. 4,08,060/- on presumptive basis. We further find that on the basis of the profit calculation of the appellant @ of 8.56%, t....
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....76,671/- accordingly calculated the closing capital but the Assessing Officer reduced the cash in hand at Rs. 6,57,000/- and the appellant did not get the benefit of capitalisation of Rs. 3,19,671/-. Considering the above discussion, we allow the enhancement of closing capital of the appellant at Rs. 3,19,671/-. 12. ITA No.2068/Kol/2025 - Brief facts in this appeal are that the appellant filed his return of income for the assessment year 2022-23 under section 139 on 16.08.2023, but the same was not accepted by the department and notice under section 148 of the Act was issued on 24.02.2023 and ultimately the appellant filed return of income on 27.01.2024 declaring total income at Rs. 6,32,600/-. On 09.08.2021, cash of Rs 25,00,000/- were found in the possession of the assessee by police and the money was seized and was handed to the Income Tax Department. On receipt of the return of income u/s 148 of the Act, the Assessing Officer issued notices u/s 143(2) and 142(1) of the Act and finally, assessment order u/s 143(3)/147 was completed on 28.02.2024 assessing total income at Rs. 31,32,660/- by making addition u/s 69A of the Act of Rs. 25,00,000/- as unexplained money. 13. Aggr....