Dinesh Kumar Vs. Income Tax Officer, Ward-1(4), Gurgaon, Haryana

Parties Involved

Facts Summary

The case involves Dinesh Kumar, who deposited Rs.47,50,000/- in cash in his bank account and made an investment in immovable property worth Rs.1,30,50,000/- during the previous year relevant to Assessment Year 2015-16. The Income Tax Officer issued a notice under section 148 of the Income Tax Act, 1961, following information received through Risk Management Strategy (RMS). Dinesh Kumar explained that the cash deposits were from earlier withdrawals of Rs.8,90,000/-, cash loans from friends and relatives amounting to Rs.19,00,000/-, and sale of agricultural land. The Assessing Officer accepted the explanation for Rs.8,90,000/- but added Rs.38,60,000/- as unexplained money under section 69A of the Act. Dinesh Kumar appealed this addition before the Commissioner of Income Tax (Appeals), who upheld the addition. Dinesh Kumar then appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Addition of Rs.38,60,000/- as unexplained money under section 69A of the Income Tax Act, 1961.

Judgment Outcome

Decided in favour of Assessee.

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