Mayank Jain Vs Income-tax Officer, Ward-1(4), Meerut
Parties Involved
Facts Summary
The assessee, Mayank Jain, filed his return on 16.07.2017 declaring income of Rs. 3,85,730/- after claiming deduction under Chapter VIA of the Income Tax Act, 1961. The case was selected for limited scrutiny under CASS to examine the cash deposits made by the assessee to the tune of Rs. 8,50,000/- during demonetization. The assessee deposited Rs. 3,00,000/- in his own bank account and Rs. 2,75,000/- in the bank account of his two minor sons. The source of these deposits was claimed to be from earlier cash withdrawals and savings/gifts respectively. However, the explanation was not found satisfactory, and an addition of Rs. 8,50,000/- was made by the Assessing Officer under Section 69A of the Act.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the cash deposits made by the assessee during demonetization were satisfactorily explained.
Judgment Outcome
Decided in favour of Assessee.
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