Falguni Nevatia vs. ITO, Ward 33(4)

Parties Involved

Facts Summary

The assessee, Falguni Nevatia, filed the return of income on 21.07.2012, showing a total income of ₹1,67,529/-. The case was reopened under section 147 of the Income-tax Act, 1961, after the Assessing Officer (AO) received information about a credit of ₹1,68,67,145/- in the assessee's savings bank account. The Director of Income Tax issued summons under section 131 of the Act for details of the source and nature of transactions. The assessee filed a revised return on 02.05.2019, declaring the same income. The AO issued notices under sections 133(6) and 131 of the Act, which were complied with by the loan creditors. Despite this, the AO treated the amount of ₹1,86,50,058 as unexplained money under section 69A of the Act and added it to the assessee's income. The Commissioner of Income Tax (Appeals) (CIT(A)) upheld the AO's order.…

Legal Issues

• 1. Whether the addition of ₹1,86,50,058/- by the AO under section 69A of the Income-tax Act, 1961, is justified.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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