DARSHAN SINGH HOODA vs. ITO, WARD 2(5)

Parties Involved

Facts Summary

This appeal was filed by the assessee, Darshan Singh Hooda, against the order dated 22.3.2024 passed by the NFAC, Delhi, relating to the assessment year 2011-12. The assessee had made time/cash deposits in HDFC Bank Ltd., Gurugram Branch for the year under consideration. The Assessing Officer (AO) noted that the assessee made a time deposit of Rs. 24,70,000/- but did not furnish any documentary evidence regarding the source of this deposit. Consequently, an addition of Rs. 24,70,000/- was made to the total income. During the appellate proceedings, the assessee claimed that the HDFC bank statement did not reflect any entry for the amount on the dates specified in the assessment order or any other dates. The assessee also provided a bank certificate stating that no term deposits of Rs. 14,70,000/- and Rs. 10,00,000/- were made on the dates claimed by the AO.…

Legal Issues

• 1. Whether the addition of Rs. 24,70,000/- made by the AO was justified given the lack of documentary evidence from the assessee.

Judgment Outcome

Decided in favour of Assessee.

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