DEBASIS MUKHOPADHYAY,HOWRAH V. I.T.O., WARD - 61(1), KOLKATA

ITA 2011/KOL/2025

AI Insights

The case involves Debasis Mukhopadhyay, the appellant, who contested an addition of 4,01,687 to his income, which was deemed as undisclosed income from commodity transactions by the Assessing Officer (AO) and confirmed by the Ld. Commissioner of Income Tax (Appeals). The AO had reopened the assessee's case under Section 147 of the Income Tax Act, 1961, following information about alleged bogus commodity profits. The assessee denied any transactions with the mentioned broker, Kalkut Tie Up Pvt. Ltd., who later confirmed the error in PAN details, leading to the Tribunal's decision to favor the assessee.

• Counselvise Citation: [2025] 140 COUNSELVISE.COM (IT) 822828 (ITAT-KOLKATA)
• Duration Of Justice: 3 month(s) 22 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-12-2025
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2011-2012
• Appeal Filed On: 01-09-2025
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Set aside; Transactions in derivatives; Bogus
• Section: 147; 148; 142(1)

Judgement Text

"IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH,KOLKATA SHRI RAJESH KUMAR, ACCOUNTANT MEMBER I.T.A. No.2011/Kol/2025 (Assessment Year 2011-12) Debasis Mukhopadhyay, 3, B.G. Road, B, Garden, Howrah - 711103 [PAN: AJUPM9114A] ..……..…...……………....Appellant vs. Income Tax Officer, Ward-61(1), Kolkata, Bamboo Villa, 169, Acharya Jagdish Chandra Bose Road, Kolkata – 700701 ................................ Respondent Appearances by: Assessee represented by : Miraj D Shah, AR Department represented by : Monalisa Pal Mukherjee, Sr. DR Date of concluding the hearing : 18.12.2025 Date of pronouncing the order : 23.12.2025 O R D E R The present appeal filed by the assessee arises from order dated 17.07.2024 passed u/s 250 of the Income Tax Act, 1961 (hereafter “the Act”) by the Ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, NFAC, Delhi [hereafter “the Ld. CIT(A)]. 2. The only issue is raised by the assessee is against the order of Ld. CIT(A) confirming the addition of ₹ 4,01,687/- as made by the Assessing Officer on account of undisclosed income from commodity transactions. 3. The facts in brief are that the AO reopened the case of the assessee under Section 147 of the Act by issuing notice under Section 148 of the Act on 26.03.2008 after receiving information that the assessee had booked bogus commodity profit of ₹3,80,500/-. Assessee filed return of Printed from counselvise.com 2 ITA No.2011/Kol/2025 Debasis Mukhopadhyay income in compliance on 25.10.2018. Thereafter, the notice under Section 143(2) and 142(1) of the Act along with questionnaire were issued and replied by the assessee. The assessee submitted before the Assessing Officer that he never executed any transactions in multiple commodity exchange through broker Kalkut Tie Up Pvt. Ltd. and even stated that he did not know about the above mentioned broker. However, the Assessing Officer made an addition to the income of the assessee of ₹ 4,01,687/- as undisclosed income which was confirmed by the Ld. CIT(A). 4. After hearing the rival contention and perusing the material on record, we find that the assessee has denied transactions with the said broker during the assessment proceedings. We also note that the said broker Kalkut Tie Up Pvt. Ltd. vide letter dated 14.01.2019 issued a confirmation that the said broker had uploaded wrong PAN details on the commodity exchange UCC platform informing the assessee that the said trades belonged to Mr. Ashok Kumar Sarda and not to the assessee. In view of the said fact, the orders passed by the lower authorities can not be sustained. Therefore we are inclined to set aside the order of Ld. CIT(A) and direct the Assessing Officer to delete the addition. 5. In result, appeal of the assessee is allowed. Order pronounced on 23.12.2025 Sd/- (Rajesh Kumar) Accountant Member Dated: 23.12.2025 AK,Sr.P.S. Copy of the order forwarded to: 1. Appellant 2. Respondent 3. Pr. CIT 4. CIT(A) 5. CIT(DR) Printed from counselvise.com 3 ITA No.2011/Kol/2025 Debasis Mukhopadhyay //True copy// By order Assistant Registrar, Kolkata Benches Printed from counselvise.com "