Dhirain Mahesh Sadhwani vs. Income Tax Officer

Parties Involved

Facts Summary

Dhirain Mahesh Sadhwani filed his return of income on 11.12.2018 reporting the total income at Rs.6,25,360/- as presumptive income from business and profession with gross receipts of Rs.12,14,100/-. The case was selected for limited scrutiny assessment on the issue of 'cash withdrawal'. The Assessing Officer noted that the assessee had made frequent cash deposits and withdrawals from nine bank accounts, with withdrawals often being of the same amount as deposits made on the same day or the very next day. The assessee claimed that he is a commission agent earning commission income from trading of textiles and garments in Ulhasnagar and nearby places on behalf of various textile and garment merchants. However, no documents were furnished by the assessee to substantiate the claim. The Assessing Officer treated Rs.11,83,07,423/- as unexplained money under section 69A of the Income-tax Act, 1961. The assessee appealed against the order of the Commissioner of Income Tax (Appeals), which was dismissed. The assessee then appealed to the Tribunal.…

Legal Issues

• 1. Addition of Rs.11,83,07,423/- treated as unexplained money u/s.69A of the Act.

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

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