TaxTMI 
TaxTMI 
2026 (5) TMI 821
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....afide and genuine reasons and hence, we condone the delay and adjudicate the appeal in the following paras. A.Y. 2019-20 ITA No. 2629/KOL/2025 3. At the time of hearing the ld. Counsel for the assessee pressed only ground no.4 and 5, which is against the upholding the order of the ld. AO, wherein the standard deduction claimed of Rs. 40,000/- from the gross salary of Rs. 4,72,600/- in the ITR was denied and income was treated as unexplained money u/s 69A of the Act. 3.1. The facts in brief are that the assessee has not filed any return of income for the impugned assessment year u/s 139(1) of the Act. The directorate of income tax (Investigation), Kolkata received information from office in-charge, Burrabazar Police Station, Kolkata on 20.07.2021 that cash amounting to Rs. 25,00,000/- (Twenty-Five Lakh only) has been intercepted from the possession of one Shri Bholanath Shaw on 16.07.2021. Subsequently, summon u/s 131(1A) of the Act issued to Shri Bholanath Shaw and his sworn statement was recorded on 04.08.2021, wherein he stated that cash belong to his employer Shri Raj Singh, the assessee. Accordingly, the statement of Shri Raj Singh, was recorded on 13.08.2021, u/s 1....
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....after claiming standard deduction of Rs. 40,000/- and income from other sources Rs. 2,98,600/- being commission and brokerage but has not disclosed any particulars regarding his employer, where from salary was received. Finally, the ld. AO rejected the standard deduction claimed by the assessee on the ground that the assessee could not prove his employment and the gross income was treated as unexplained money u/s 69A of the Act in the assessment framed on 29.02.2024. 3.2. In the appellate proceedings, the ld. CIT(A) dismissed the appeal of the assessee by holding that the assessee has failed to prove the veracity of income and standard deduction was rightly disallowed by the ld. Assessing Officer, thereby upholding the order of the ld. AO, wherein the entire income was treated as unexplained money u/s 69A of the Act. 3.3. After hearing the rival contentions and perusing the materials available on record, we find that the assessee has derived a very meagre income of Rs. 1,34,000/- but the assessee failed to produce any cogent evidences qua the salary income and the details of commission and brokerage received. Consequently, we uphold the order of the ld. CIT(A) by dismissing t....
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....M/s Sonamoni Agro Food Products and purchases in the month of June from the said supplier were Rs. 24,70,575/-. The assessee claimed that the sales made during the year were Rs. 28,50,200/-. The ld. AO disbelieved the theory of the assessee. Thereafter, the ld. AO in para no.9.2 extracted the particulars of returns for A.Y. 2021-22 and 2022-23 along with gross turnover. Finally, the ld. AO disbelieved the entire submission of the assessee and added Rs. 50.00 lacs to the income. We note that the assessee has also furnished the purchases confirmation which is extracted from page no.14 of the assessment order. However, the ld. AO disbelieved the evidences and submissions of the assessee and added Rs. 50 lacs as unexplained cash credit u/s 69A of the Act beside treating the income shown in return of income as unexplained money u/s 69A of the Act vide order dated 29.02.2024, passed u/s 143(3) of the Act. 5.2. The ld. CIT(A) in the appellate proceedings simply affirming the order of the ld. Assessing Officer 5.3. After hearing the rival contentions and perusing the materials available on record, we find that the assessee during the assessment proceedings furnished before the ld. AO....
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....by respectfully following the decisions of the coordinate benches, set aside the order of ld. CIT(A) and direct the ld. AO to delete the addition. The appeal is allowed. A.Y. 2021-22 ITA No. 2631/Kol/2025 6. Though in the various grounds of appeal, the assessee has raised the issue of non-acceptance of business of the assessee as rice trader but there is no addition made by the ld. AO in the return of income. 6.1. We have heard the rival contentions and perusing the material available on record and find that undisputedly the assessee has filed the return of income u/s 44AD of the Act on presumptive basis declaring the total income of Rs. 4,71,500/- comprising Rs. 2,35,600/- as profit on presumptive basis on total sales of Rs. 22,35,800/- and income from other sources of Rs. 2,41,500/-. Since, we have already accepted the business of the assessee of rice trading in IT No. 2632/KOL/2025 for A.Y. 2022-23 (supra). Therefore, our finding in that ITA No. 2632/KOL/2025 for A.Y. 2022-23 (supra) would, mutatis mutandis, apply to this appeal of assessee as well. Consequently, we hold that the assessee is engaged in the business of rice trading. The appeal is allowed. 7. In the....