Calcutta HC Upholds Income Tax Additions as Assessee Failed to Explain Excess Stock & Unrecorded Transactions

Samaddar Brothers Vs CIT (Calcutta High Court) The appeal was filed by the assessee under Section 260A of the Income-tax Act, 1961 against the order of the Income Tax Appellate Tribunal dated 30.06.2009 for the assessment year 1995-96. The High Court admitted the appeal on three substantial questions of law relating to additions made on estimated profit from excess stock, estimated profit on alleged unaccounted purchases, and addition of undisclosed payments. The proceedings arose from a second round of litigation after the Tribunal had earlier recalled its order and remanded the matter to the...