Deputy Commissioner of Income Tax, Circle-5(1), Kolkata vs. Caltradeco Steels Private Limited

Parties Involved

Facts Summary

The present appeal has been preferred by the revenue against the order dated 12.12.2023 of the Ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi passed u/s. 250 of the Income-tax Act, 1961. The revenue is aggrieved by the action of the Ld. CIT(A) in deleting the addition made by the Assessing Officer on account of large scale cash deposits in the bank account of the assessee during the demonetization period. The assessee had submitted that the cash deposits were out of cash withdrawals and the AO made the addition on the ground that the assessee was asked to furnish details of the earlier years as to whether such cash deposits and cash withdrawals were made by the assessee during earlier years also. The Ld. CIT(A) observed that this observation of the AO cannot be made the basis for the impugned addition.…

Legal Issues

• 1. Deletion of addition made by the Assessing Officer on account of large scale cash deposits in the bank account of the assessee during the demonetization period.

Judgment Outcome

Decided in favour of Revenue.

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