Ajay Gahlot & Sons Vs. Commissioner of Income Tax (Appeals)

Parties Involved

Facts Summary

The assessee, Ajay Gahlot & Sons, a proprietorship concern engaged in contractual work of data processing, has appealed against the order of the Commissioner of Income Tax (Appeals) confirming additions of Rs.6,38,550/- as unexplained cash credit u/s.68 r.w.s. 115BBE and Rs.1,45,483/- under the head ‘income from other sources’. The assessee contends that the credits in the bank statement are primarily from fixed deposits and term deposits through sweep-in facilities and are contra entries between two bank accounts in the name of the assessee. The assessee denies any transactions with Shri S K Aggarwal.…

Legal Issues

• 1. Addition of Rs.6,38,550/- as unexplained cash credit
• 2. Addition of Rs.1,45,483/- under the head ‘income from other sources’

Judgment Outcome

Decided in favour of Assessee.

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