N S Associates Vs. Income Tax Officer, Ward-2(2)(5)

Parties Involved

Facts Summary

The case pertains to the assessment year 2017-18. The Income Tax Officer had treated the assessee’s cash deposits during demonetization amounting to Rs.26.17 lakh as unexplained under section 69A r.w.s. 115BBE of the Income-tax Act, 1961. The assessee had maintained twin bank accounts in Axis Bank, from which it had withdrawn a total of Rs.43.94 lakhs and Rs.17 lakhs. The cash deposits addition was much less at Rs.26 lakhs, leading to a presumption that the assessee had re-deposited the cash earlier withdrawn, which could not be treated as unexplained.…

Legal Issues

• 1. Whether the cash deposits during demonetization amounting to Rs.26.17 lakh should be treated as unexplained income under section 69A r.w.s. 115BBE of the Income-tax Act, 1961.

Judgment Outcome

Decided in favour of Assessee.

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