Amitkumar Navnitbhai Patel vs. ACIT

Parties Involved

Facts Summary

The assessee, engaged in real estate development, filed an income return for the Assessment Year 2017-18. The Assessing Officer noticed large cash deposits and sale proceeds from an immovable property. The assessee failed to provide certified bank statements or relevant documents to substantiate these amounts. The Assessing Officer treated the deposits and sale proceeds as unexplained money and undisclosed income, respectively. The CIT(A) upheld these additions. The assessee appealed against this order.…

Legal Issues

• 1. Whether the addition of Rs.18,66,500/- made by the AO as unexplained investment is justified.
• 2. Whether the addition of Rs.86,94,000/- made by the AO as undisclosed receipt on sale of immovable property is justified.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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