Om Prakash Agrawal HUF vs. ITO

Parties Involved

Facts Summary

The assessee, Om Prakash Agrawal HUF, filed an appeal against the order of the National Faceless Appeal Centre, Delhi, which confirmed the addition of Rs. 3,80,000/- made by the Assessing Officer (AO) under Section 68 of the Income Tax Act, 1961. The assessee argued that the cash deposits in the bank account were from legitimate sales and were duly recorded in the books of accounts. The AO had issued a notice under Section 148 of the Act, alleging that the assessee had undisclosed income. The assessee provided documentary evidence to support the source of the cash deposits, but the AO did not accept the evidence and made the addition. The assessee further contended that the reasons for the reassessment were incorrect and that there was no escapement of income.…

Legal Issues

• 1. Whether the delay in filing the appeal should be condoned?
• 2. Whether the addition of Rs. 3,80,000/- made by the AO is justified?
• 3. Whether the charging of interest u/s 234A, B, C of the Act is justified?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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