Binay Kumar Sinha vs. ACIT, Circle (1), Dhanbad
Parties Involved
Facts Summary
The assessee, Binay Kumar Sinha, filed an appeal against the order passed under Section 250 of the Income Tax Act, 1961 by the Commissioner of Income Tax (Appeals) arising out of an assessment order dated 25.11.2019. The assessee, who derives income from Business & Other Sources, had filed a return of income for the Assessment Year 2017-18 declaring a total income of Rs. 19,15,791/-. The case was selected for limited scrutiny under Computer Assisted Selection of Cases (CASS) to verify large cash deposits in the bank account. A notice under Section 142(1) of the Act was issued, and it was found that the assessee had deposited Rs 15 lakh in his bank account by way of cash. The Assessing Officer concluded that the assessee failed to explain the sources of the deposit, and the amount was treated as undisclosed and added to the income. The Commissioner of Income Tax (Appeals) upheld the addition made by the Assessing Officer.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the addition made by the Assessing Officer and upheld by the Commissioner of Income Tax (Appeals) was justified?
Judgment Outcome
Decided in favour of Assessee.
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