ACIT vs Manoj Kumar Goyal

Parties Involved

Facts Summary

The assessee, Manoj Kumar Goyal, filed his return of income for A.Y. 2018-19 declaring a total income of Rs. 32,47,340/-. His case was selected under CASS, and notices were issued under sections 143(2) and 142(1) of the Income Tax Act, 1961. The Assessing Officer (AO) observed that the assessee had declared unsecured loans of Rs. 8,68,75,000/- and asked for details of the loan creditors. As the assessee failed to provide complete details, the AO made additions of Rs. 6,49,15,404/- under section 68 read with section 115B and Rs. 1,41,82,000/- under section 68 read with section 115BBE for undisclosed cash deposits. Additionally, 10% of the total expenses were disallowed for possible revenue leakage, amounting to Rs. 45,54,510/-. The total income was thus assessed at Rs. 8,68,99,250/-. The assessee appealed to the Commissioner of Income Tax (Appeals) – 3, Noida, who allowed the appeal and deleted the additions made by the AO. Aggrieved by this order, the revenue appealed to the Tribunal.…

Legal Issues

• 1. Deletion of addition of Rs. 6,49,15,404/- made by the AO for unsecured loans under section 68 of the Act.
• 2. Deletion of addition of Rs. 1,41,82,000/- made by the AO for unexplained cash deposits under section 68 of the Act.
• 3. Admission of additional evidence by the CIT(A) without giving the AO an opportunity to file a remand report.

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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