Madhuri Dilip Gaikwad, Vaibhav Gaikwad, and Prem Dilip Gaikwad vs. PCIT (Central), Pune

Parties Involved

Facts Summary

The case involves three appeals filed by Madhuri Dilip Gaikwad, Vaibhav Gaikwad, and Prem Dilip Gaikwad against orders passed by the Principal Commissioner of Income Tax (Central), Pune, relating to the assessment year 2017-18. The assessees are family members involved in a construction business. During a survey, large cash deposits were observed in their bank accounts. The assessees disclosed some of these deposits under the Pradhan Mantri Garib Kalyan Yojana, 2016, but failed to explain the source of other deposits. The Principal Commissioner of Income Tax initiated revision proceedings under section 263 of the Income Tax Act, 1961, finding the assessment order erroneous and prejudicial to the interest of revenue. The assessees appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the Principal Commissioner of Income Tax was justified in initiating revision proceedings under section 263 of the Income Tax Act, 1961?
• 2. Whether the source of cash deposits received by the assessees was properly examined by the Assessing Officer?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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