Archana Gupta Vs. Income Tax Officer

Parties Involved

Facts Summary

The assessee filed its return of income on 30.10.2017 declaring income of Rs.2,84,390/-. The case was selected for detailed scrutiny due to quantitative details of principal items of goods traded or raw material as well as finished goods not being submitted and abnormal increase in cash deposits during demonetization period as compared to pre-demonetization period. The Assessing Officer issued notices and after being unsatisfied with the reply filed by the assessee, made an addition of Rs.1,70,6…

Legal Issues

• 1. Addition of Rs.1,74,64,000/- under Section 68 of the Act
• 2. Consideration of joint loan and co guarantor account as single holder operation

Precedents Relied Upon

Judgment Outcome