Gulamnabi Nuramahmadbhai Momin v. The Income Tax Officer

Parties Involved

Facts Summary

The assessee filed his return of income for the Assessment Year 2017-18, declaring a total income of Rs.1,25,210/-. The case was selected for limited scrutiny. The Assessing Officer (AO) noted that the assessee deposited a substantial amount of Rs.2,14,09,917/- in his HDFC Bank account during the period from 09.12.2016 to 31.03.2017. The AO requested the assessee to explain the source of these cash deposits. The assessee claimed that Rs.30,00,000/- was received as a gift from his father, who was a farmer, and Rs.10,00,000/- was from his personal savings. The remaining Rs.1,74,09,917/- was attributed to cash collections from debtors in his business as an authorized distributor of Hindustan Coca Cola Beverages Pvt. Ltd. The assessee failed to provide sufficient documentary evidence for the gift and savings, leading the AO to treat the amounts as unexplained cash credit and income under section 68 of the Income Tax Act, 1961.…

Legal Issues

• 1. Whether the addition of Rs.40,00,000/- under section 68 of the Income Tax Act, 1961 made by the Assessing Officer is justified.

Judgment Outcome

Decided in favour of Assessee.

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