Mo Taj Jharodiya Vs. ITO, Ward-1, Rajnandgaon

Parties Involved

Facts Summary

Mo Taj Jharodiya, the appellant, made cash deposits of Rs.16.96 lacs in his bank account during the demonetization period (09.11.2016 to 30.12.2016). The Income Tax Officer (A.O) issued notices under Section 142(1) of the Income-tax Act, 1961, but the appellant did not comply. The A.O proceeded with the assessment under Section 144 of the Act, estimating the income based on cash deposits and treating the balance as unexplained money under Section 69A. The appellant appealed against this order to the Commissioner of Income-Tax (Appeals) and subsequently to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the A.O could make a separate addition of cash deposits made in SBNs during the demonetization period as unexplained money under Section 69A of the Act?
• 2. Whether the A.O/CIT(Appeals) were justified in making/sustaining the addition of Rs.16.96 lacs in the backdrop of the explanation of the assessee as regards the source of the same?

Judgment Outcome

Decided in favour of Assessee.

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