DCIT, Circle-1, Siliguri Vs. Sanjay Kumar Agarwal

Parties Involved

Facts Summary

The assessee, Sanjay Kumar Agarwal, filed his return of income for AY 2022-23 declaring a total income of ₹57,84,800/-. His case was selected for complete scrutiny under CASS, and notices under sections 143(2) and 142(1) were issued. The Assessing Officer (AO) observed that the assessee had deposited cash of ₹3,04,06,000/- into his bank account, which the assessee claimed was from cash sales proceeds. The AO treated this amount as unexplained money under section 69A of the Act and added it to the assessee's income. Additionally, the AO noted an unexplained investment of ₹26,00,000/- in immovable property under section 69 of the Act. The assessee appealed against these additions, and the learned CIT (A) allowed the appeal by deleting both additions after considering the assessee's submissions and evidence.…

Legal Issues

• 1. Deletion of addition of ₹3,04,06,00,00/- by the learned CIT (A) as made by the learned AO in respect of cash deposited by the assessee into the bank account.
• 2. Deletion of addition of ₹26.00 lakh by learned CIT (A) as made by the learned AO in respect of investment in immovable property purchased by the assessee.
• 3. Order of ld. CIT (A) deleting the addition of ₹ 26 lakh by admitting additional evidences in violation of Rule 46A of the Income-tax Rules 1962.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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