Income Tax Officer, Ward no.2(2)(1), First Floor, CGO-2, Kamla Nehru Nagar, Ghaziabad, Uttar Pradesh-201002 Vs M/s New Shakti Abhushan Bhandar, Chopla Mandir, New Gate, Ghaziabad, Uttar Pradesh-201001

Parties Involved

Facts Summary

The assessee, M/s. New Shakti Abhushan Bhandar, a partnership firm engaged in trading and manufacturing (on job work basis) of gold and other ornaments, e-filed its Return of Income for the year 2017-18 declaring an income of Rs.27,76,260/-. The return was selected for assessment through CASS. The Assessing Officer noted a cash deposit of Rs.2,21,36,500/- in the assessee's bank account during the demonetization period. Unsatisfied with the explanation provided by the assessee, the AO added Rs.82,40,000/- under section 69A of the Income Tax Act, 1961. The Commissioner of Income Tax (Appeals) deleted this addition, which the Revenue is contesting.…

Legal Issues

• 1. Whether the addition of Rs.82,40,000/- under section 69A of the Income Tax Act, 1961 by the Assessing Officer was justified.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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