Manoj Banwarilal Agrawal vs ITO, Ward-3(3)(5) Ahmedabad

Parties Involved

Facts Summary

The assessee, Manoj Banwarilal Agrawal, is a wholesale-cum-retailer of pan masala, gutkha, etc. The Assessing Officer (AO) noticed that the assessee made significant cash deposits in the bank, which were not adequately explained. The AO made an addition of Rs.11,31,800/- on account of cash deposits made in the bank in November/December 2016. The Commissioner of Income Tax (Appeal) confirmed the action of the AO, holding that the assessee remained evasive and non-compliant. The assessee appealed against this order, arguing that the cash deposits were made from the regular income of the business.…

Legal Issues

• 1. Validity of the order passed by lower authorities
• 2. Confirmation of addition of Rs.11,31,800/- under section 68 of the Act
• 3. Treatment of cash deposited in bank accounts as unexplained money under section 69A of the Act
• 4. Invoking two sections for the same addition
• 5. Confirmation of action of AO of charging at special rate under section 115BBE of the Act
• 6. Charging of interest under sections 234B, 234C and 234D

Judgment Outcome

Decided in favour of Assessee.

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