Islampur C.S. Shop 2

Parties Involved

Facts Summary

The assessee, Islampur C.S. Shop 2, is a firm running a liquor business. During the demonetization period (09.11.2016 to 31.12.2016), cash amounting to Rs.17,57,860/- and Rs.1,10,540/- were deposited in two different bank accounts of Union Bank of India, Islampur Branch. The assessee showed these deposits in the Income Tax Return (ITR). The Assessing Officer initiated proceedings under section 147 and issued a notice under section 148. The assessee provided some information and bank statements but did not furnish sufficient evidence to support the cash deposits. Consequently, the Assessing Officer made an addition of Rs.19,70,600/- under section 69A. The assessee appealed this decision, which was dismissed by the Commissioner of Income Tax (Appeals). The assessee then approached the Tribunal, arguing that the revenue authorities did not consider the source of cash deposits adequately.…

Legal Issues

• 1. Whether the delay in filing the appeal should be condoned.
• 2. Whether the addition made by the Assessing Officer under section 69A is justified.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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