Principal Commissioner of Income-tax-16, Kolkata v. Jaswant Singh
[Citation -2020-LL-0204-61]

Citation 2020-LL-0204-61
Appellant Name Principal Commissioner of Income-tax-16, Kolkata
Respondent Name Jaswant Singh
Court HIGH COURT OF CALCUTTA
Relevant Act Income-tax
Date of Order 04/02/2020
Judgment View Judgment
Keyword Tags unexplained income • source of fund
Bot Summary: The Assessing Officer and the Commissioner of Income Tax held that it was unexplained income. The tribunal held otherwise stating the assessee has been mis-utilized by his employer to route the cash through his bank account. A speculative assertion by the tribunal that since the money came in and went out simultaneously would not absolve the assessee, in our opinion, unless substantial evidence is led by him to show the source of the fund and the application thereof. 2 The question arises whether the order of the tribunal is perverse. In our opinion, it would be in the interest of justice if the said order of the tribunal with regard to the above issue is set aside and the matter is remanded for fresh determination. We direct the tribunal to rehear the matter and pronounce a reasoned decision within four months of communication of this order. The tribunal would be at liberty to further remand the matter back to the lower adjudicating authorities.


OD3 ITAT No. 125 of 2019 GA No. 1621 of 2019 IN HIGH COURT AT CALCUTTA SPECIAL JURISDICTION (INCOME TAX) ORIGINAL SIDE Principal Commissioner of Income Tax 16, Kolkata Versus Shri Jaswant Singh Before: Hon'ble Justice I. P. MUKERJI And Hon ble Justice MD. NIZAMUDDIN Date: 4th February 2020 Appearance: Mr. S. N. Dutta, Advocate for appellant Mr. Jaswant Singh respondent appears in person Court: amount involved is Rs. 3,86,49,700/-. question is whether this amount was unexplained income of assessee under section 68 read with section 69A of Income Tax Act, 1961. Assessing Officer and Commissioner of Income Tax (Appeals) held that it was unexplained income. tribunal held otherwise stating assessee has been mis-utilized by his employer to route cash through his bank account . What was source of this money, to whom this amount was transferred immediately after it was deposited, manner of transfer, way transferred fund was utilised have not been discussed at all by tribunal. onus is on assessee to explain, otherwise it would be treated as unexplained income in his account. speculative assertion by tribunal that since money came in and went out simultaneously would not absolve assessee, in our opinion, unless substantial evidence is led by him to show source of fund and application thereof. 2 question arises whether order of tribunal is perverse. In our opinion, it would be in interest of justice if said order of tribunal with regard to above issue is set aside and matter is remanded for fresh determination. We order accordingly. We direct tribunal to rehear matter and pronounce reasoned decision within four months of communication of this order. tribunal would be at liberty to further remand matter back to lower adjudicating authorities. By consent of parties this appeal (ITAT No. 125 of 2019) and application (GA No. 1621 of 2019) were treated as on day s list, dispensing with all formalities. They are disposed of by above order. (I. P. MUKERJI, J.) (MD. NIZAMUDDIN, J.) R. Bose Principal Commissioner of Income-tax-16, Kolkata v. Jaswant Singh
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