Habibbhai Adambhai Maniya Vs. ITO

Parties Involved

Facts Summary

The case involves an appeal by the assessee against the order of the Commissioner of Income Tax (Appeals) dated 13.12.2023. The assessee, Habibbhai Adambhai Maniya, appeals against the addition made to his income on account of cash deposits found in his bank account during the demonetisation period amounting to Rs.49,46,000/-. The assessee contends that the cash deposits were from explained sources and were used for business purposes. The Commissioner of Income Tax (Appeals) had dismissed the appeal without considering all the facts and material before him. The Tribunal has allowed the appeal for statistical purposes and restored the issue back to the Assessing Officer to decide afresh after due verification of all the claims made by the assessee.…

Legal Issues

• 1. The addition made to the income of the assessee on account of cash found deposited in his bank account during demonetisation period remaining unexplained amounting to Rs.49,46,000/-

Judgment Outcome

Decided in favour of Assessee.

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