Aabhay Periwal Vs. Income Tax Officer, Ward-30(1), New Delhi-110002

Parties Involved

Facts Summary

The assessee, Aabhay Periwal, appealed against the order of the Additional/Joint Commissioner of Income Tax (Appeals)-10, Mumbai, dated 28.10.2025, involving proceedings under section 143(3) of the Income-tax Act, 1961. The assessee was aggrieved by the treatment of his cash deposit amounting to Rs.22.23 lakhs as unexplained in the assessment order dated 21.12.2019 and restricted to Rs.18.43 lakhs in the lower appellate discussion. The tribunal examined the assessee’s regular business activity, which involved running a parking lot business where cash receipts and expenditures were common due to the unorganized nature of the sector.…

Legal Issues

• 1. Whether the cash deposit of Rs.22.23 lakhs should be treated as unexplained income.
• 2. Assessment under section 115BBE of the Income-tax Act.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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