Kamal Gupta Vs. Income Tax Officer

Parties Involved

Facts Summary

The case involves an appeal by Kamal Gupta against the order of the Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre (CIT(A)/NFAC), Delhi, which held that a cash deposit of Rs.13.76 lakhs by the assessee was unexplained under section 69A read with section 115BBE of the Income-tax Act, 1961. Kamal Gupta, a salaried individual, provided detailed explanations and evidence that the deposit represented his accumulated past savings and cash in hand from his family members. Despite this, the lower authorities did not accept his explanations, leading to the addition in question.…

Legal Issues

• 1. Whether the cash deposit of Rs.13.76 lakhs by the assessee is unexplained under section 69A read with section 115BBE of the Income-tax Act, 1961.
• 2. Whether the assessee should be assessed under section 115BBE of the Income-tax Act, 1961.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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