Badam Krishnamurthy Shobha vs. Income Tax Officer

Parties Involved

Facts Summary

The assessee, Badam Krishnamurthy Shobha, filed her income return for the assessment year 2017-18, reporting an income of Rs. 3,22,010/-. The case was selected for scrutiny to examine cash deposits made during the demonetisation period. The assessee explained that she was not carrying on any independent business and that the bank account in her name was used for the business transactions of M/s. Mysore Kerosene Trading Co., in which she was a partner. The assessee claimed that the cash deposits represented business receipts of the firm. The Assessing Officer treated cash deposits aggregating to Rs. 9,51,400/- made after 24.11.2016 as unexplained money under section 69A of the Income Tax Act, 1961. The Commissioner of Income Tax (Appeals) upheld the addition, leading to the present appeal.…

Legal Issues

• 1. Whether the delay in filing the appeal should be condoned?
• 2. Whether the addition of Rs. 9,51,400 as unexplained money under section 69A of the Act is justified?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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