Krishna Rao Vadda Vs. Income Tax Officer

Parties Involved

Facts Summary

The assessee, Krishna Rao Vadda, filed his return of income for the assessment year 2017-18 on 20/11/2017, declaring an income of Rs.5,01,190/-. He sold immovable property on 02/11/2016 for Rs.18,00,000/- and received the consideration in cash. Due to demonetization, he deposited the amount in his bank account. The Assessing Officer added the amount to the income under section 69A of the Income Tax Act, 1961, and initiated penalty proceedings under section 272AAC(1). The assessee appealed to the Commissioner of Income Tax (Appeals), who dismissed the appeal. The assessee then appealed to the Income Tax Appellate Tribunal, Hyderabad.…

Legal Issues

• 1. Whether the addition made by the Assessing Officer under section 69A of the Income Tax Act, 1961, is sustainable?
• 2. Whether the disallowance under Chapter VI-A under section 80C of the Act is justified?

Judgment Outcome

Decided in favour of Assessee.

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