Income Tax Officer, New Delhi vs. Uday Kumar

Parties Involved

Facts Summary

The assessee, Uday Kumar, is an individual and non-filer of return of income. The department alleges that the assessee received Rs.59,18,00,000/- from 636 investors of M/s Aurochem Buildprop Private Limited (ABPL) and neither gave property in return nor returned the money. The Assessing Officer reopened the case under Section 148 and presumed the entire amount as unexplained money under Section 69A of the Income Tax Act, 1961. The assessee appealed before the National Faceless Appeal Centre (NFAC), Delhi, which deleted the addition. The Revenue has now appealed before the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Addition of Rs.59,18,00,000/- under Section 69A of the Income Tax Act, 1961

Judgment Outcome

Decided in favour of Assessee.

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