Jaivir Singh Vs Income Tax Officer

Parties Involved

Facts Summary

The assessee, Jaivir Singh, was issued a notice under section 142(1) of the Income Tax Act, 1961 for not filing a return of income for the Assessment Year 2017-18. The Assessing Officer (AO) had information that the assessee had deposited cash of Rs.9 lakhs and Rs.17 lakhs in Corporation Bank and Canara Bank respectively during the demonetization period. The AO issued a show-cause notice, to which the assessee responded by claiming income from taxi hiring services, sale of crackers, sale of two cars, and division of ancestral property. The AO did not accept the assessee's explanation and treated the cash deposits as undisclosed income under section 69A of the Act. The Commissioner of Income Tax (Appeals) also dismissed the assessee's appeal. The assessee then appealed to the Income Tax Appellate Tribunal (ITAT).…

Legal Issues

• 1. Whether the Tribunal should accept the additional evidence submitted by the assessee?
• 2. Whether the cash deposits made by the assessee during the demonetization period should be treated as undisclosed income?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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