Arvind Jivraj Shah vs. ITO, Ward-1(2)

Parties Involved

Facts Summary

The appellant, Arvind Jivraj Shah, filed an appeal against the order of the National Faceless Appeal Centre, Delhi, dated 06.06.2024, which confirmed the assessment order passed by the Assessing Officer (AO) for the assessment year 2017-18. The AO had made an addition of cash deposit of Rs.12,00,000/- made during the demonetization period, which the appellant claimed was from the sale proceeds of agricultural land. The appellant sold the agricultural land for Rs.12,000,000/- in cash, and the sale deed was registered on 16.11.2016. The appellant deposited the cash in the bank on 17.11.2016. The appellant argued that the cash was held without depositing in the bank pending the registration of the sale deed. The NFAC rejected the appellant's explanation, but the Tribunal found the explanation plausible and cogent.…

Legal Issues

• 1. Whether the AO was justified in making addition of cash deposit of Rs.12,00,000/- made during the demonetization period, disbelieving the explanation of the appellant that the source for the said cash deposit made is out of the sale proceeds of agricultural land.

Judgment Outcome

Decided in favour of Assessee.

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