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TMI Blog2019 (1) TMI 1051X X X X Extracts X X X X X X X X Extracts X X X X ..... Shri Somnath Ghosh, Advocate For the Revenue : Shri Saurabh Kumar, Addl. CIT, DR ORDER PER J. SUDHAKAR REDDY :- These are cross appeals directed against the order of the ld. Commissioner of Income Tax (Appeals) - XXXVI, Kolkata, (hereinafter the 'ld. CIT (A)'), passed u/s 250 of the Income Tax Act, 1961 (the 'Act'), dt. 18/12/2012, relating to Assessment Year 2008-09. 2. The assessee is an in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was worked out at Rs. 14,52,775/-. At para 7.2. of his order he held that, the assessee will be entitled to the benefit to the extent of opening peak balance as on 01/04/2007 of a sum of Rs. 3,85,217/-. Further, at para 8 he held that the payments were made to firms for the purchase of potatoes and hence the payment is covered within the scope of Rule 6DD(e)(i) of the Income Tax Rules, 1962 (herei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned by the ld. CIT(A). Accordingly, the assessee gets relief of Rs. 3,85,217/-. 6. In the result, appeal of the assessee is allowed. 7. We now take up the revenue's appeal being I.T.A. No. 403/Kol/2013; Assessment Year: 2008-09. 8. Ground Nos. 1 & 2 are on the issue of direction by the ld. CIT(A) to take the peak credit as undisclosed investment. The ld. First Appellate Authority has in his orde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l is allowed in part. Appellant gets a relief of Rs. 11,28,887/-. 8.1. This decision is in line with the proposition of law laid down by the Kolkata Bench of the Tribunal in the case of Uday Shankar Mahawar, Kolkata vs Income Tax Officer, ITA No. 1903/Kol/2009; Assessment Year : 2006-07. The Kolkata 'A' Bench of the Tribunal in the case of Prasanta Kumar Bhattacharya vs. ITO in ITA No. 02/Kol/201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an opening stock of Rs. 93,41,400/-, as on 01/04/2007 and this was disclosed under the head "owned stock" in the balance sheet filed along with the income tax return for the Assessment Year 2007-08. What was sold by the assessee during the year was from this opening stock. The ld. D/R could not controvert these factual findings of the ld. CIT(A). The ld. CIT(A) held that the Assessing Officer's fi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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