Kulsum Aaqib Memon vs The Deputy Commissioner of Income Tax, Central Circle 4(2), Mumbai
Parties Involved
Facts Summary
The assessee, Kulsum Aaqib Memon, filed a return declaring a total income of Rs. 7,97,970/-. A search and seizure action under section 132 was conducted at 'Rubberwala Group', revealing that the assessee had purchased a shop in 'Platinum Mall building, Girgaon Mumbai' and paid Rs. 5,00,000/- in cash. Consequently, a notice under section 153C was issued, and an addition of Rs. 5,00,000/- was made to the assessee's total income under section 69 of the Income Tax Act. The assessee appealed, claiming no cash transactions occurred during the assessment year 2021-22 and that two shops were purchased in the financial year 2021-22 for Rs. 21,17,700/-. The ld. CIT(A) upheld the assessment order, leading the assessee to file an appeal before the Tribunal.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the addition of Rs. 5,00,000/- made by the Assessing Officer is justified.
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
5 precedents cited in this judgement.
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