Jaya Balaji Real Media Pvt Limited vs. The Deputy Commissioner of Income Tax
Parties Involved
Facts Summary
The case involves an appeal by Jaya Balaji Real Media Pvt Limited against the order of the Commissioner of Income Tax (Appeals) for the assessment year 2017-18. The assessee challenged the addition made by the Assessing Officer under Section 68 of the Income Tax Act, 1961, for deposits found in the bank account during the demonetization period. The assessee claimed that the deposits were from advances received from various persons and cash balances available as per books of accounts. The Commissioner of Income Tax (Appeals) upheld the addition made by the Assessing Officer, which the assessee appealed against. The Tribunal considered the submissions of both parties and relevant case laws to adjudicate the issue.…
Decision in favour of
Partly Assessee
Legal Issues
- 1. Whether Section 68 can be invoked for deposits found in bank account?
- 2. Whether the addition made by the Assessing Officer towards cash deposits can be sustained?
Judgment Outcome
Decided in favour of Partly Assessee.
Precedents Relied Upon
5 precedents cited in this judgement.
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