Avijit Roy Vs ITO, Ward-23(3), Hooghly
Parties Involved
Facts Summary
The appellant, Avijit Roy, is in the business of being a commission agent, trading in old vehicles, and has some partnership income. He deposited Rs. 9,00,000/- each on two dates, 15.11.2016 and 21.11.2016, in demonetized currency, totaling Rs. 18 lakh. The Assessing Officer held that this amount was unexplained cash credit as it did not match the normal business pattern of the assessee, and the source of the cash deposit was doubtful. The appeal before the Ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi, was dismissed as the assessee was unrepresented. The appellant submitted a cash book and an unsigned cash flow chart for the period 01.11.2016 to 31.12.2016 to show that the cash deposit was from available cash.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the cash deposit of Rs. 18 lakh in demonetized currency is unexplained cash credit.
Judgment Outcome
Decided in favour of Assessee.
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