ITA No.729/Chny/2024 (AY 2017-18) Mr. Ashok Kumar Mahadev

Parties Involved

Facts Summary

The assessee, Mr. Ashok Kumar Mahadev, filed his return of income for the Assessment Year 2017-18 on 29.01.2018, admitting a total income of ₹8,04,390/-. The case was selected for scrutiny, and the Assessing Officer (AO) noted that the assessee had deposited cash to the tune of ₹30 lakhs in the bank account during the demonetization period. The AO asked the assessee to furnish the nature and source of the cash deposits, which the assessee failed to do. The AO estimated the cash available with the assessee as on 08.11.2016 at ₹12 lakhs and directed the assessee to prove the nature and source of the balance amount of ₹18 lakhs, which the assessee couldn't explain. The AO added this amount under section 69A of the Income Tax Act, 1961. The assessee appealed to the Commissioner of Income Tax (Appeals), who confirmed the AO's action. The assessee then appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the addition of ₹18 lakhs made by the AO under section 69A of the Income Tax Act, 1961 is justified?

Judgment Outcome

Decided in favour of Assessee.

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