ITA 384/JODH/2024

Parties Involved

Facts Summary

The assessee, a resident corporate entity, filed its return of income on 29.10.2017, declaring income of Rs.31,59,670/-. The return was selected for scrutiny. The Assessing Officer noticed that the assessee had deposited specified Bank Notes (SBNs) in its bank accounts during the demonetization period, amounting to Rs.66,97,000/-. The assessee claimed that the cash deposited was from sales proceeds during the demonetization period. However, the Assessing Officer was not convinced and treated the amount as unexplained money, adding it to the assessee's income. The assessee contested this addition by filing an appeal before the First Appellate Authority, which confirmed the addition to the extent of Rs. 46,97,000/-. The assessee then appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. The addition of an amount of Rs.46,97,000/- under Section 69A of the Income Tax Act, 1961.

Judgment Outcome

Decided in favour of Assessee.

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