Court :
ITAT Bangalore
Brief :
This is an appeal of the assessee against the order dated 26.07.2019 passed by CIT(A), Mysore, relating to Assessment Year 2010-11. The first issue that arises for consideration in this appeal is as to whether the Revenue authorities were justified in making an addition of Rs.7,39,381/-.
Citation :
ITA 2198/BANG/2019
IN THE INCOME TAX APPELLATE TRIBUNAL
“SMC-B” BANGALORE BENCH
BEFORE SHRI N.V VASUDEVAN, VICE-PRESIDENT
ITA No.2198/Bang/2019
Assessment Year : 2010-11
Shri. G. Nataraj,
Near Old Karnataka Bank,
Holenarasipura – 573 211.
PAN : ABKPN 9540 K
Appellant
Vs.
Income Tax Officer,
Ward –2,
Hassan.
Respondent
Assessee by : Shri. V. Srinivasan, Advocate
Revenue by : Shri. Ganesh R. Ghale, Jr. Standing Counsel
Date of hearing : 15.02.2021
Date of Pronouncement : 18.02.2021
O R D E R
PER SHRI N.V VASUDEVAN, VICESIDENT :
This is an appeal of the assessee against the order dated 26.07.2019 passed by CIT(A), Mysore, relating to Assessment Year 2010-11. The first issue that arises for consideration in this appeal is as to whether the Revenue authorities were justified in making an addition of Rs.7,39,381/-.
2. The assessee is an individual. He derives income in the form of commission as agent of Life Insurance Corporation of India (LIC). For Assessment Year 2010- 11, the assessee filed return of income declaring total income of Rs.3,94,130/-. In the course of assessment proceedings, the AO scrutinized the details of the credit in the bank statement of the assessee with SBM, Holenarasipura Branch which was furnished by the Manager of SBM, Holenarasipura Branch in response to a notice issued by the AO calling for the details. On perusal of the reply of the Manager SBM, Holenarasipura Branch, the AO found that some of the credit entries had a description “NSC commission received from Post Master, Holenarasipura”. According to the AO, the assessee could not explain the credits in the form of NSC commission and therefore the AO added the sum of Rs.7,39,381/-. The details of thecredits as explained by the Manager SBM, Holenarasipura Branch in Assessee’s bank statement were as follows:
To know more in details find the attachment file
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)