Kamakshiben Mayashankar Vyas vs. ITO

Parties Involved

Facts Summary

The assessee, Kamakshiben Mayashankar Vyas, is engaged in the business of petroleum products dealership. For the Assessment Year 2017-18, she filed her return of income under PAN AFBPV2339B, declaring a total income of Rs. 3,73,000/-. The Assessing Officer (AO) observed that the assessee had deposited cash of Rs. 33,58,500/- in her bank account during the window period of demonetisation. The assessee failed to file a reply on the online portal and did not file a return of income under PAN AQHPV6393E. The AO treated the cash deposits as unexplained money under Section 69A of the Income Tax Act, 1961. The assessee filed an appeal before the Commissioner of Income Tax (Appeals), who upheld the order of the AO. The assessee further appealed to the Income Tax Appellate Tribunal, challenging the order of the CIT(A).…

Legal Issues

• 1. Whether the addition under Section 69A of the Income Tax Act was justified.
• 2. Whether the use of two PANs by the assessee was intentional.

Judgment Outcome

Decided in favour of Assessee.

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