Asstt. Commissioner of Income Tax Range – 1 Lucknow v. Shiv Shanker Singh

Parties Involved

Facts Summary

ITA No.432/LKW/2020 was preferred by the Department against the order dated 23.09.2020 passed by the Commissioner of Income Tax (Appeals)-2, Lucknow for Assessment Year 2017-18. The sole issue raised by the Department was the deletion of addition of Rs.87,50,000/- made by the Assessing Officer on account of failure of the assessee to prove the genuineness of cash deposits during demonetization period. The assessee submitted that the amount of deletion of addition was incorrect as the ACIT, Range – 1, Lucknow - New had revised the income of the assessee after appeal effect at Rs.44,48,140/- by granting a relief of Rs.1,34,84,540/-. The Bench accepted the averment of the assessee and dismissed the Departmental Appeal as the tax effect involved was below Rs.50,00,000/-. The Cross Objection of the assessee was also dismissed as infructuous.…

Legal Issues

• 1. Deletion of addition of Rs.87,50,000/- made by the Assessing Officer on account of failure of the assessee to prove the genuineness of cash deposits during demonetization period.

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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