Dr. Pramod Agarwal Vs. Assistant Commissioner of Income Tax, Circle - 61(1), New Delhi

Parties Involved

Facts Summary

The assessee, Dr. Pramod Agarwal, a medical doctor, filed his Income Tax Return (ITR) on 30.09.2015 declaring income of Rs.26,88,650/-. The case was selected for complete scrutiny. The Assessing Officer (AO) completed the assessment at income of Rs.1,60,50,880/-, making several additions/disallowances: (i) difference in gross receipts and income of Rs.33,807/-, (ii) short-term capital gain of Rs.99,80,630/-, (iii) disallowance of long-term capital loss of Rs. (-) 48,517/-, and (iv) unexplained cash deposit of Rs.33,00,000/-. Aggrieved by the AO's order, the assessee filed an appeal before the Commissioner of Income Tax (Appeals) (CIT(A)), which was dismissed. The assessee then appealed to the Income Tax Appellate Tribunal (ITAT).…

Legal Issues

• 1. Taxability of undisclosed professional receipts of Rs.33,807/-.
• 2. Taxability of short-term capital gain of Rs.99,80,630/- and disallowance of long-term capital loss of Rs. (-) 48,517/-.
• 3. Unexplained cash deposit of Rs.33,00,000/-.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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