ITO, Ward-43(1), New Delhi vs. Vinod Kumar Kansal

Parties Involved

Facts Summary

The assessee, Vinod Kumar Kansal, operating under the name M/s Shree Krishna Jewellers, filed a return of income for assessment year 2017-18 declaring taxable income of Rs 5,05,000. The Assessing Officer noticed cash deposits amounting to Rs 1,54,95,500/- during the demonetization period and made an addition under Section 68 of the Income-tax Act, 1961. The assessee provided detailed cash books, sales details, purchase details, VAT returns, and bank statements to explain the source of cash deposits. The CIT(A) deleted the addition, which the Tribunal upheld.…

Legal Issues

• 1. Deletion of addition made by AO on account of cash deposits

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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