ITA 2607/BANG/2025

Parties Involved

Facts Summary

Smt. Swarna Krishnamurthi, the assessee/appellant, has filed this appeal for Assessment Year 2017-18 against the appellate order dated 28 February 2025 passed by the Commissioner of Income Tax (Appeals)-4, Mumbai [the learned CIT(A)]. By that order, the learned CIT(A) dismissed the assessee’s appeal against the assessment order dated 30 November 2019 passed under section 143(3) of the Income-tax Act, 1961, by the Income Tax Officer, Ward-4(2)(1), Bangalore [the learned Assessing Officer]. The assessee has raised the following grounds of appeal: 1. The order passed by the learned Commissioner of Income Tax, NFAC, under section 250 of the Act is so far as it is against the Appellant is opposed to law, weight of evidence, probabilities, facts and circumstances of the Appellant’s case. 2. The Appellant denies herself be assessed at Rs. 8,38,310/- as against the returned income of Rs. 3,13,310/- for the assessment year 2017-18 under the facts and circumstances of the case. 3. The learned assessing officer not justified in law and on fact in treating the cash deposits of a sum of Rs. 5,25,000/- as un-explained money u/s 69 of the Income Tax Act, 1961, on the facts and circumstances of the case. 4. The learned assessing officer has erred by not considering the submissions along with the extensive documentations furnished by the appellant during the assessment proceedings which were conclusive in demonstrating the sources of such cash deposits. 5. The learned assessing officer has pa…

Legal Issues

• 1. Whether the sum of ₹1,75,000 is liable to be treated as unexplained money under section 69A of the Income-tax Act, 1961.
• 2. Whether the assessee is liable to pay interest under section 234A, 234B and 234C of the Act.

Judgment Outcome

Decided in favour of Assessee.

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