Jagadesh Kanderi Vs. Income Tax Officer

Parties Involved

Facts Summary

The assessee, Jagadesh Kanderi, filed an appeal against the order passed by the Commissioner of Income Tax (Appeals)-National Faceless Appeal Centre (NFAC), Delhi. The assessee, an individual deriving income from house property and other sources, filed his return of income for the assessment year 2017-18 on 31/07/2017, declaring income of Rs.4,36,170/-. The Assessing Officer found a cash deposit of Rs.20,00,000/- on 15/11/2016. The assessee explained that the cash withdrawn from Kotak Mahindra Bank on 09/09/2016 is included in this amount, apart from other agricultural income. The Assessing Officer did not consider this contention and added the entire amount of Rs.20,00,000/- to the income of the assessee. The Commissioner of Income Tax (Appeals) considered Rs.7.25 lakhs as properly explained and directed the Assessing Officer to delete the same. However, he sustained the addition of Rs.12.75 lakhs by not believing the same, which according to the assessee represents agricultural income.…

Legal Issues

• 1. Whether the cash deposit of Rs.20,00,000/- should be considered as agricultural income?

Judgment Outcome

Decided in favour of Assessee.

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