Lakshya Arvind Saklecha vs. ITO, Ward 5(2)

Parties Involved

Facts Summary

The Income Tax Department received information that the assessee, Lakshya Arvind Saklecha, made substantial cash deposits with a cooperative society in the financial year 2015-16 and did not file an income return for the assessment year 2016-17. The Assessing Officer issued a notice under Section 148A(b) of the Income Tax Act, but the assessee did not respond. The Assessing Officer then issued a notice under Section 148 of the Act, followed by a notice under Section 142(1) and a show cause notice to explain the sources of the cash deposits, all of which went unanswered. The Assessing Officer invoked Section 144 of the Act, obtained bank statements, and made an addition of unexplained cash deposits of Rs.20,43,17,340/- under Section 69A of the Act. The assessee filed an appeal with the Commissioner of Income Tax (Appeals), which was dismissed. The assessee then appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the Commissioner of Income Tax (Appeals) erred in confirming the action of the Assessing Officer?
• 2. Whether the grounds of appeal of the assessee are allowed for statistical purposes?

Judgment Outcome

Decided in favour of Assessee.

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