Neelam Dhyani vs. Income Tax Officer, Ward-54(1)

Parties Involved

Facts Summary

This appeal by the assessee, Neelam Dhyani, is directed against the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, dated 23.06.2023, for assessment year 2017-18. The assessee runs a mobile phone repair and service shop and sells mobile phone recharge coupons. The Assessing Officer (AO) made an addition of Rs.10,09,970/- under section 68 of the Income Tax Act, 1961, alleging that the cash deposits in the bank account were unaccounted money. The assessee deposited cash from her business sales, which were duly accounted for and recorded in the books. The AO disallowed cash deposits of Rs.10,09,970/- after 15.11.2016, assuming that the assessee was accepting demonetized currency post-demonetization on 08.11.2016. The assessee provided details of the cash deposits along with copies of cash deposit slips.…

Legal Issues

• 1. Whether the explanation furnished by the assessee regarding cash deposits during demonetization is acceptable.

Judgment Outcome

Decided in favour of Assessee.

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