Inder Mohan Singh Saluja Vs. ITO

Parties Involved

Facts Summary

The assessee, Inder Mohan Singh Saluja, filed his income tax return for the Assessment Year 2017-18 declaring a net taxable income of Rs. 13,02,480/-. A survey operation under section 133A of the Income Tax Act was conducted at his business premises, where a diary and other documents were impounded. The assessee admitted to giving cash loans amounting to Rs. 1,00,00,000/- to various entities, which he claimed was business income. However, this income was not reflected in his filed return. The Assessing Officer (AO) added this amount as unexplained income from undisclosed sources under section 69A of the Act. The assessee contended that the amount was business income and should not be treated as income from undisclosed sources. The appellant sought condonation of delay in filing the appeal due to lack of awareness of the deadline and his health issues caused by COVID-19.…

Legal Issues

• 1. Whether the CIT(A) erred in partly allowing the appeal.
• 2. Whether the addition of Rs. 1,00,00,000/- as unexplained income from undisclosed sources was correct.
• 3. Whether the rate of tax under Section 115BBE of the Act as 60% was correct.
• 4. Whether the addition of Rs. 24,28,704/- as unexplained expenditure was correct.
• 5. Whether the relief of INR 43,20,000 for the amount disclosed under the Pradhan Mantri Garib Kalyan Yojna, 2016 should be allowed.
• 6. Whether the relief of INR 41,268 for the amount paid under Section 80C of the Act should be allowed.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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