M.N Manjula Vs. The Income Tax Officer
Case No: ITA No.2062/Bang/2024
Court: INCOME TAX APPELLATE TRIBUNAL ‘SMC’ BENCH: BANGALORE
Date: 1/21/2025
Parties Involved
appellantM.N Manjula
respondentThe Income Tax Officer
Facts Summary
The assessee, M.N Manjula, deposited ₹ 11,38,000/- in cash in her bank account between November 11, 2016, and December 17, 2016. She explained the source of this amount as ₹ 3,75,000/- from agricultural income and an opening cash balance of ₹ 8,08,561.00/-. The Assessing Officer (AO) accepted ₹ 2,00,000/- as satisfactorily explained but treated the remaining ₹ 9,38,000/- as unexplained income under Section 69A of the Income Tax Act, 1961. The Commissioner of Income Tax (Appeals) [CIT(A)] confirm…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the addition of ₹ 7,63,000/- as unexplained cash deposits by the Assessing Officer (AO) during the demonetization period is justified.
Precedents Relied Upon
2 precedents cited in this judgement.