Income Tax Officer vs Anil Kumar Jain
Case No: ITA No.4529/Del/2024
Court: Income Tax Appellate Tribunal, Delhi Bench 'A', New Delhi
Date: 3/12/2025
Parties Involved
RevenueIncome Tax Officer
AssesseeAnil Kumar Jain
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 …
Decision in favour of
Revenue
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.
1 more legal issue analysed in this judgement.