Aman Mantri vs. ITO

Parties Involved

Facts Summary

The assessee filed the return of income for Assessment Year 2017-18 on 05.08.2017 declaring total income of Rs.5,00,000/-. The case was selected for limited scrutiny under CASS on the grounds of cash deposit during the demonetization period. Notices under sections 143(2) and 142(1) of the Income-tax Act, 1961 were issued to the assessee, who replied to the same. The Assessing Officer completed the assessment by making an addition of Rs.3,38,740/- under section 115BBE of the Act and assessed the total income at Rs.8,38,740/-. The assessee appealed to the Commissioner of Income Tax (Appeals), who dismissed the appeal and confirmed the action of the Assessing Officer. The assessee then appealed to the Income Tax Appellate Tribunal, arguing that the addition of Rs.3,38,740/- was without any base and was bad in law.…

Legal Issues

• 1. Whether the addition of Rs.3,38,740/- under section 115BBE of the Act was justified?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

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