Charles Fatima Pinto vs. ITO Ward 24(1)(1)

Parties Involved

Facts Summary

The assessee filed an income return on 24.07.2017 declaring total income of Rs.1,76,230/-. The case was selected for limited scrutiny concerning cash deposits during the demonetisation period. The Assessing Officer referred to deposits in four bank accounts aggregating to Rs.31,55,500/-. The assessee explained that the Central Bank of India account in which Rs.14,66,500/- had been deposited did not belong to the assessee. The Assessing Officer accepted this explanation. The deposits remaining for consideration were Rs.8,32,000/- in another Central Bank of India account, Rs.4,56,000/- in an ICICI Bank account and Rs.4,01,000/- in a State Bank of India account, aggregating to Rs.16,89,000/-. The assessee explained that the deposits had been made from cash earlier withdrawn from bank accounts for personal use, which had remained unutilised. The Assessing Officer rejected this explanation and added Rs.11,82,300/- as unexplained money under section 69A of the Income Tax Act. The assessee appealed against this order before the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the Assessing Officer was justified in adding back the amount of Rs. 11,82,300/- as unexplained money under section 69A of the Income Tax Act?
• 2. Whether the CIT(A) was justified in confirming the addition by the Assessing Officer?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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