Amit Anand vs. ITO, WARD 36(1)

Parties Involved

Facts Summary

The assessee, Amit Anand, filed his return of income declaring income of Rs. 2,04,090/- for AY 2016-17. The case was selected for verification under the category High Risk CRIU/VRU Transactions. The department found that the assessee had taken accommodation/fictitious entry of Rs. 50,50,221/- from an entity controlled by Sh. Ashok Dalal. An investigation revealed that the bank account was operated by Sh. Ashok Dalal for routing unaccounted transactions. The assessee claimed the amount was received for the sale of food grains through a commission agent, but failed to provide documentary evidence. The AO added Rs. 50,90,000/- as unexplained money u/s. 69A of the Act. The CIT(A) sustained the addition, noting the entity was a shell entity.…

Legal Issues

• 1. Addition of Rs. 50,90,000/- as unexplained credit u/s. 69A of the Act.

Judgment Outcome

Decided in favour of Assessee.

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