Deputy Commissioner Of Income Tax vs. P Maneklal Soni & Co.

Parties Involved

Facts Summary

The Assessee, a partnership firm, filed a return of income for the Assessment Year 2017-18 declaring total income of INR.91,020/-. The return was selected for scrutiny. The Assessing Officer noted that the Assessee had made cash deposits totaling INR.1,23,56,000/- during the demonetization period. The Assessee claimed that the cash deposits were from cash sales. However, the Assessing Officer was not convinced and invoked Section 69A of the Income Tax Act to make an addition of INR.1,23,56,000/- as unexplained money. The Assessee appealed to the Commissioner of Income Tax (Appeals) who deleted the addition, holding that the cash sales were already offered to tax and recorded in the books of accounts. The Revenue appealed to the Tribunal.…

Legal Issues

• 1. Whether the Commissioner of Income Tax (Appeals) was correct in deleting the addition made by the Assessing Officer under Section 69A of the Income Tax Act?

Judgment Outcome

Decided in favour of Revenue.

Precedents Relied Upon

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