ASHUTOSH BANDOPADHYAY Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) By means of this writ petition the petitioner has laid challenge to the revisional order dated 12.05.2010 passed by the Commissioner of Income Tax, Shillong under Section 263 of the Income Tax Act, 1961.

(2.) Briefly stated, the facts of the case are that the assessee is a contractor by profession. He had undertaken various contracts during the financial year 2006-07 corresponding to the assessment year 2007-08. He filed his returns and the Assessing Officer scrutinized the returns in terms of Section 143(3) of the Income Tax Act. During scrutiny of the returns, the Assessing Officer found that the petitioner had, in his initial return, not disclosed the existence of a Bank Account No.30044789261 maintained with the State Bank of India, Bazar Branch, Agartala. At the end of the financial year a sum of Rs.15,365/- stood in the credit of the assessee in the said bank account and this amount was added to the income of the assessee as undisclosed income. Penalty proceeding was initiated separately.

(3.) According to the assessee, he did not want to contest this matter and, therefore, deposited the amount assessed by the Assessing Officer.