ITA No.469/SRT/2024/AY.2017-18

Parties Involved

Facts Summary

The assessee, Mukeshbhai Ishwarbhai Patel, filed his return of income for the assessment year 2017-18 on 24.11.2017, declaring a total income of Rs.6,34,440/-. The case was selected for scrutiny under CASS. The Assessing Officer issued notices under sections 142(1) and 144 of the Income-tax Act, 1961, but the assessee did not comply with the notices. Consequently, the Assessing Officer passed a 'best judgment assessment' under section 144 of the Act and assessed the total income at Rs.50,63,440/-. The Assessing Officer also made an addition of Rs.44,29,000/- under section 68 of the Act. The assessee filed an appeal before the Commissioner of Income Tax (Appeals), who dismissed the appeal. The assessee then filed an appeal before the Income-Tax Appellate Tribunal.…

Legal Issues

• 1. Validity of assessment u/s. 144 of the Act
• 2. Addition made on account of cash deposits in bank of Rs.44,29,000/-

Judgment Outcome

Decided in favour of Assessee.

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