Mander Jain Vs. Income Tax Officer, Ward-59(5)

Parties Involved

Facts Summary

The assessee, Mander Jain, entered into a partnership with Shri Rajveer Singh to run a petrol pump under the name M/s. Adarsh Service Station. The partnership was dissolved by mutual consent on 26.08.2016. The assessee received Rs.37,26,823.65/- in cash to settle his account. The partnership firm was then taken over by Shri Rajveer Singh as a sole proprietor. The assessee deposited Rs.33,83,000/- in his bank account during demonetization, which was the amount received from Shri Rajveer Singh on dissolution of the partnership firm.…

Legal Issues

• 1. Addition of Rs.33,83,000/- made by the AO on account of alleged unexplained cash deposits during demonetization.

Judgment Outcome

Decided in favour of Assessee.

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