Bharat Yashwant Gawas vs The Income Tax Officer

Parties Involved

Facts Summary

In this case, the Assessing Officer received information that the assessee had deposited cash of Rs.29,45,400/- in a Savings Bank Account maintained with The Laxmi Co-Op bank Ltd, Solapur, during F.Y.2012-13. The Assessing Officer issued a notice under section 148 of the Act after recording the reasons. The assessee failed to file any reply, and the Assessing Officer made an addition under section 69A of Rs.29,45,400/-. The assessee filed an appeal against the Assessment Order before the Commissioner of Income Tax-Appeal (CIT_A), which was dismissed on the ground of delay. The assessee then filed an appeal before the Tribunal.…

Legal Issues

• 1. Whether the Assessing Officer erred in making an addition of Rs.29,45,400/- as cash deposit without verifying whether the account actually belongs to the assessee?
• 2. Whether the Assessing Officer had reasons to believe that the taxable income had escaped assessment?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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