Harish Bansal vs. Income Tax Officer, Ward 36(4), New Delhi

Parties Involved

Facts Summary

The assessee, Harish Bansal, filed his return of income for the Assessment Year 2017-18 on 30.10.2017 declaring an income of Rs.8,21,830/-. The case was selected for scrutiny and a notice under section 143(2) dated 16.8.2018 was issued. Further notices under section 142(1) were issued from time to time calling for certain information. The assessee filed submissions in response to the notices, but the Assessing Officer (AO) found them unconvincing. Consequently, the AO concluded the assessment under section 143(3) of the Act vide order dated 30.12.2019, assessing an income of Rs. 40,08,969/- as unexplained cash credit under section 68 of the Act. Upon appeal, the Commissioner of Income Tax (Appeals) (CIT(A)) dismissed the assessee's appeal by confirming the addition made by the AO. The assessee then filed an appeal before the Tribunal.…

Legal Issues

• 1. Whether the assessment order dated 30.12.2019 passed under Section 143(3) of the Income Tax Act, 1961 and the additions made are illegal, bad in law and without jurisdiction.
• 2. Whether the addition of Rs. 30,62,993/- under Section 68 of the Act on account of alleged unsecured loan taken during the relevant Assessment Year is justified.
• 3. Whether the Assessing Officer erred in ignoring the fact that most of the loan amount was not received during the relevant Assessment Year.
• 4. Whether the Assessing Officer erred in taking recourse to Section 68 of the Act without appreciating that none of the ingredients necessary for invocation of the said provision were satisfied.
• 5. Whether the provision of Section 115BBE of the Act was illegally and wrongly applied by the AO.
• 6. Whether the additions made are based on surmises and conjectures, without bringing enough evidence on record.

Judgment Outcome

Decided in favour of Assessee.

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