Niteshkumar M Kataria Vs. DCIT

Parties Involved

Facts Summary

The assessee, Niteshkumar M Kataria, had not filed his return of income for the relevant assessment year. The Assessing Officer (AO) initiated proceedings for reopening of the assessment based on information that the assessee had sold an immovable property for a consideration of Rs.1,25,00,000 and had deposited cash aggregating to Rs.46,05,000 in his bank accounts. The AO determined the Long-Term Capital Gain (LTCG) at Rs.62,19,022, as against the LTCG of Rs.47,88,408 declared by the appellant. The assessee explained the source of the cash deposits by stating that the same were out of cash withdrawals made from his bank accounts. However, the AO found the explanation unsatisfactory and treated the cash deposits of Rs.46,05,000 as unexplained money under section 69A of the Act. The assessee was granted multiple opportunities to furnish details, clarifications, and explanations to substantiate the source of cash deposits, but remained non-compliant.…

Legal Issues

• 1. Whether the assessee failed to furnish the requisite details or explanations before the Ld. CIT(A)?
• 2. Whether the cash deposits of Rs.46,05,000 were treated as unexplained money under section 69A of the Act?

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

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