Income Tax Officer, Ward-28(5), SPM Civic Centre, New Delhi. Vs. Anjali Gupta, New Delhi.

Parties Involved

Facts Summary

This appeal by the Revenue is directed against the order of the National Faceless Appeal Centre, Delhi, dated 07.10.2022, for Assessment Year 2017-18. The issue pertains to cash deposits made by the assessee, Anjali Gupta, during the year. The assessee reportedly earned income from house property and other sources. Verification of bank statements indicated a cash deposit of Rs. 78 lakhs, of which Rs. 18 lakhs was made during the demonetization period. The Assessing Officer (AO) doubted the assessee's explanation regarding the cash deposits and made an addition of Rs. 78 lakhs under Section 69A of the Act. The First Appellate Authority (Ld. CIT(A)) deleted this addition, which the Revenue is now appealing against.…

Legal Issues

• 1. Whether the addition of Rs. 78 lakhs made by the AO under Section 69A of the Act was justified.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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