Shri Surya Kant Gupta vs. Income Tax Officer

Parties Involved

Facts Summary

The appeal in ITA No.322/AGR/2025 for the Assessment Year 2017-18 arises from the order of the Commissioner of Income Tax (Appeals) in Appeal No. 109/16-17/CIT(A)-14/, New Delhi dated 01.01.2019 against the order of assessment passed by the Income Tax Officer, Ward-41(2), Delhi. The assessee, Shri Surya Kant Gupta, a retired individual from the State Government's Education Department, filed a return of income declaring a total income of Rs. 2,67,306/-. The case was selected for limited scrutiny to verify cash deposits made in the bank account. The assessee filed another return on 11.02.2019 declaring total income of Rs. 3,19,380/- which included income from a bangle business. The Income Tax Officer noticed a cash deposit of Rs. 10,89,500/- and sought to verify the bangle business. Despite the assessee's submissions and evidence, the Income Tax Officer concluded that the assessee had not proved the existence of the bangle business and added the cash deposit as undisclosed income.…

Legal Issues

• 1. Whether the Commissioner of Income Tax (Appeals) was justified in confirming the addition of Rs. 10,89,500/- made on account of cash deposit in Canara Bank Account as unexplained money u/s 69A read with Section 115BBE of the Act.

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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