NDLI: Basir Ahmed Sisodiya Vs. The Income Tax Officer

Content Provider	Supreme Court of India
e-ISSN	30484839
Language	English
Access Restriction	NDLI
Subject Keyword	relying on the Balance Sheet Income Tax Act 1961 Assessing Officer books of account
Content Type	Text
Resource Type	Law Judgement
Jurisdiction	India
Act(s) Referred	Income Tax Act, 1961 (43 of 1961)
Case Type	Appeal
Court	Supreme Court of India
Disposal Nature	Appeal Allowed
Headnote	Income Tax Act, 1961 – ss.68, 143, 144, 145, 271 – Assessing Officer, inter alia, relying on the Balance Sheet and the books of account, added the credits amounting to Rs.2,26,000/- in declared income of the appellant-assessee – Appellant filed appeal – Partly allowed by Commissioner of Income Tax (Appeals) – CIT(A) upheld the assessment order by Order dtd. 09.01.2003 – ITAT partly allowed the appellant’s appeal however, the order regarding credits of Rs. 2,26,000/- was upheld – High Court dismissed the appeal by Order dated 21.08.2008 – Held: At the time of assessment, the appellant failed to produce any explanation or evidence in support of entries regarding purchases of marbles from unregistered dealers to the extent of Rs. 2,26,000/- – Thus, the said transactions were assumed as bogus entries (standing to the credit of named dealers who were non-existent creditors of the assessee) – However, it has now come on record that in the penalty proceedings, the appellant produced affidavits of 13 unregistered dealers out of whom 12 were examined by the Officer, who recorded their statements and did not find any infirmity including about their credentials – Dealers stood by the assertion made by appellant about the purchases on credit from them; and which explanation has been accepted by the appellate authority in the order dtd 13.01.2011 – Appellate authority by Order dtd. 13.01.2011, had not only accepted the explanation offered by the appellant but also recorded a clear finding of fact that there was no concealment of income or furnishing of any inaccurate particulars of income by the appellant – Addition of Rs.2,26,000/- by the officer u/s.68 towards cash credit amount shown against the names of concerned unregistered dealers for the assessment year 1998-99 is set aside – Rest of the assessment Order dtd. 30.11.2000 as modified by the CIT(A) by Order dtd. 09.01.2003 remains undisturbed.
Judge	Hon'ble Mr. Justice A.M. Khanwilkar
Neutral Citation	2020 INSC 352
Petitioner	Basir Ahmed Sisodiya
Respondent	The Income Tax Officer
SCR	[2020] 4 S.C.R. 581
Judgement Date	2020-04-24
Case Number	6110

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