Income Tax Officer, Ward-2(3)(4), Hapur, Uttar Pradesh Vs. Sh. Manoj Kumar Singhal

Parties Involved

Facts Summary

The case pertains to the assessment year 2014-15, where the Assessing Officer added Rs. 1,84,94,100/- to the assessee's income as unexplained cash credits under section 69A of the Income Tax Act, 1961. This addition was based on information from the High Risk Financial transaction report in the Insight Portal of the Income Tax Department and the STR report received from the Deputy Director of Income Tax(Inv), Unit-III, Ghaziabad. The assessee contested this addition, providing cash flow statements, profit and loss accounts, and bank statements to explain the sources of the credits. The Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre (CIT(A)/NFAC) deleted the addition, finding that the assessee had properly explained the sources of the credits.…

Legal Issues

• 1. Whether the addition of Rs. 1,84,94,100/- by the Assessing Officer under section 69A was justified.

Judgment Outcome

Decided in favour of Assessee.

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