Anil Ramnarayan Gupta vs. CIT(A), ITO, Ward 1(1) Kalyan

Parties Involved

Facts Summary

The case involves an appeal by Anil Ramnarayan Gupta against an addition of Rs. 69,97,000/- made by the Assessing Officer under section 68 read with section 115BBE of the Income Tax Act. The addition was made because the appellant made cash deposits during the demonetization period and no explanation was offered despite opportunities provided. The appellant argued that the cash deposits were routine deposits from debtors and that only Rs. 11,90,000/- were old notes received from the sale of goods within the prescribed time limit of RBI. The Commissioner of Income Tax (Appeals) confirmed the addition without giving proper reason. The appellant further appealed to the ITAT, arguing that the Assessing Officer and the Commissioner of Income Tax (Appeals) did not follow the CBDT guidelines/circulars and did not consider the bank certificate regarding the amount of old currency deposited.…

Legal Issues

• 1. Whether the Ld. CIT(A) erred in not appreciating the fact that the appellant deposited cash in his bank account?
• 2. Whether the Ld. CIT(A) erred in not appreciating the fact that the assessee deposited total cash receipt from debtors evenly throughout the year?
• 3. Whether the Ld. CIT(A) erred in not appreciating the fact that only cash deposited in the month of November and December 2016 was disallowed?
• 4. Whether the Ld. CIT(A) erred in not appreciating the fact that the assessee has cooperated and replied after it came to knowledge?

Judgment Outcome

Decided in favour of Assessee.

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