ITA No. 666/JP/2024

Parties Involved

Facts Summary

The assessee, Dilip Maheshwari, is a partner in the firm Maheshwari Associates and has income from various sources. During the assessment year 2017-18, the assessee deposited a total of Rs. 1,45,00,000/- in his bank account, which was questioned by the Assessing Officer (AO). The AO treated this amount as unexplained cash credit under section 68 of the Income Tax Act, 1961 and added it to the assessee's income. The assessee appealed against this order, arguing that the deposits were from realizations of cash advances that were already taxed in the previous year. The Tribunal examined the submissions and found that the assessee had already surrendered and paid tax on the amount in the previous year. Therefore, the Tribunal deleted the addition made by the AO.…

Legal Issues

• 1. Whether the cash deposit of Rs. 1,45,00,000/- in the bank account of the appellant is unexplained cash credit under section 68 of the IT Act, 1961?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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