ITA No. 586/KOL/2024 (A.Y. 2017-2018)

Parties Involved

Facts Summary

The assessee, Maa Sharada Enterprise, filed its return for the Assessment Year 2017-18 on 13.11.2017, declaring a total income of Rs.23,83,240/-. The case was selected for scrutiny under CASS, and a notice under section 143(2) was issued. The Assessing Officer found that during the demonetization period between 8th November to 31st December, 2016, the assessee deposited Rs.1,29,23,200/- in two bank accounts. The Assessing Officer treated this amount as unexplained money under section 69A of the Income Tax Act, 1961. The assessee appealed against this addition, arguing that the deposits were from sale proceeds and were recorded in their books of account. The Tribunal considered the arguments and found that the Assessing Officer's addition was not sustainable.…

Legal Issues

• 1. Whether the addition of Rs.1,29,23,200/- as unexplained money under section 69A of the Income Tax Act, 1961 is sustainable?
• 2. Whether the addition of Rs.1,04,060/- for TDS is sustainable?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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