Devendra Tiwari (AY: 2016-17)

Parties Involved

Facts Summary

The instant appeal filed by the assessee, Devendra Tiwari, is directed against the order passed by the Ld. CIT(A) NFAC, Delhi, arising out of the Assessment Order passed by the ITO, Ward 2(1)(2), Ghaziabad dated 29.09.2018 under Section 143(3) of the Income Tax Act, 1961 for Assessment Year 2016-17. The Ld. AO finalized the assessment upon making an addition of Rs.10,00,500/- on account of unexplained cash deposits. In appeal, the addition was restricted to Rs.6,90,000/-. The assessee claimed that the cash deposits were made from his cash in hand and cash gifts received from his father, who retired from Bharat Heavy Electrical Limited. The assessee claimed to have received gifts totaling Rs.15,45,000/- in cash and Rs.5 lacs by cheque from his father.…

Legal Issues

• 1. Whether the addition of Rs.6,90,000/- on account of unexplained cash deposits is justified.

Judgment Outcome

Decided in favour of Assessee.

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