ITO-1(1), Raipur vs Deepak Kumar Kashyap

Parties Involved

Facts Summary

The case involves an assessee, Deepak Kumar Kashyap, who was engaged as a business correspondent for Paytm Payment Bank. His income return for the Assessment Year 2018-19 was selected for limited scrutiny due to large cash deposits and high-value cash deposits reported in the Statement of Financial Transactions (SFT). The assessee did not respond to multiple notices and requests for information, leading to an assessment order by the Assessing Officer (AO) that included an addition of Rs. 11,79,25,950/- under section 69A of the Income Tax Act, 1961. The assessee appealed to the Commissioner of Income Tax (Appeals) (CIT(A)), who quashed the AO's order and allowed the appeal. The revenue, being aggrieved, appealed to the Income Tax Appellate Tribunal (ITAT), which set aside the CIT(A)'s order and restored the matter to the AO for fresh adjudication.…

Legal Issues

• 1. Whether the CIT(A) was justified in deleting the addition made by the AO under section 69A.

Judgment Outcome

Decided in favour of Assessee.

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