Income Tax Officer vs Anil Kumar Jain

Parties Involved

Facts Summary

The assessee, Anil Kumar Jain, is an individual engaged in the business of trading electronic capacitors and Grade MPP films under his proprietary firm, M/s Jainco Marketing Company. The case was selected for scrutiny under CASS due to cash deposits made during the demonetization period. The assessee deposited Rs.67,27,000/- in Punjab National Bank, Rs.85,90,000/- in Indian Overseas Bank, and Rs.14,80,000/- in Indian Overseas Bank, New Rajender Nagar during demonetization. The Assessing Officer asked for the sources of these deposits, but the assessee provided only partial replies. Consequently, the Assessing Officer treated the cash as unexplained and made an addition of Rs.1,67,97,000/- under section 68 of the Income-tax Act, 1961. The assessee appealed this addition, and the Commissioner of Income-tax (Appeals) allowed the appeal. The Revenue then appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the CIT(A) erred in deleting the addition of Rs.1,67,97,000/- made by the AO on account of unexplained cash credits under section 68 of the Income-tax Act, 1961.
• 2. Whether the CIT(A) erred in ignoring evidence regarding unsubstantiated purchases made by the assessee.
• 3. Whether the CIT(A) erred in ignoring evidence regarding the revision of VAT Return for September, 2016 by the assessee.

Judgment Outcome

Decided in favour of Revenue.

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