Navakarnataka Pattin Souharda Sahakari Niyamita Vs. The Income Tax Officer

Parties Involved

Facts Summary

The assessee, Navakarnataka Pattin Souharda Sahakari Niyamita, deposited ₹ 11,38,000/- in cash in her bank account between November 11, 2016, and December 17, 2016. The source of this amount was explained as ₹ 3,75,000/- from agricultural income and an opening cash balance of ₹ 8,08,561.00/-. The Assessing Officer (AO) accepted ₹ 2,00,000/- as satisfactorily explained but treated the remaining ₹ 9,38,000/- as unexplained income under Section 69A of the Income Tax Act, 1961. The Commissioner of Income Tax (Appeals) [CIT(A)] confirmed the AO’s findings in part after giving relief of Rs. 1,75,000.00, resulting in an addition of ₹ 7,63,000/-. The assessee is aggrieved by this order and has filed an appeal.…

Legal Issues

• 1. Whether the addition of ₹ 7,63,000/- as unexplained cash deposits by the Assessing Officer (AO) during the demonetization period is justified.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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