Dashrath Madanlal Laddhad v/s Dy. Commissioner of Income Tax

Parties Involved

Facts Summary

The assessee, Dashrath Madanlal Laddhad, has made Time Deposits for ` 54,96,000, as per ITS information available with the Department. The Assessing Officer noticed that the assessee did not file any income tax return for the assessment year 2011-12. The case was re-opened under section 148 of the Income Tax Act, 1961, and the assessee filed his return of income on 17/12/2018, declaring income of ` 62,942/-. The assessee submitted that the majority of old FDRs were renewed during the year. The Assessing Officer held that the source of income for FDR for Rs. 871000/- and Cash Deposits for Rs. 264000/- was not explained, and thus, the amount of Rs.1135000/- was added to the income of the assessee from undisclosed source. The learned CIT(A) confirmed the addition made by the Assessing Officer. The assessee appealed to the Tribunal.…

Legal Issues

• 1. Unexplained source of income for FDR of ` 8,71,000 and cash deposit of ` 2,64,000

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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