Oriental Vacations and Journeys Pvt. Ltd. Vs. ACIT, Circle-19(1), New Delhi

Parties Involved

Facts Summary

The assessee, Oriental Vacations and Journeys Pvt. Ltd., is engaged in tour and travel business. For the assessment year 2017-18, the assessee deposited Rs. 40.70 lakhs in cash into its bank account, which the Assessing Officer (AO) treated as unexplained income under section 68 of the Income-tax Act, 1961. The assessee claimed that these deposits were from various sources including cash withdrawals from another bank account, cash received from unidentifiable persons, and cash sales to identifiable and unidentifiable persons. The Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre (CIT(A)/NFAC) partly allowed the assessee's appeal by restricting the addition to Rs. 28,40,208/-. The assessee is aggrieved by this decision and has appealed further.…

Legal Issues

• 1. Whether the cash deposits of Rs. 40.70 lakhs made by the assessee are unexplained income under section 68 of the Act.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

• Nihir Sureshchandra Shah Vs. ITO

  Ahmedabad bench

• Shri Rathi Steel (Dakshin) Limited Vs Assistant Commissioner of Income Tax, Central Circle-16, New Delhi-110055

  Delhi Bench ‘F’, New Delhi benchAY 2017-18Partly Allowed

• Inderjeet Kaur Vs. Income Tax Officer, Ward-71(3), New Delhi

• Sunder Bai, W/o- Deshraj Yadav Vs. Income Tax Officer

• Narmada Commodities Trading Pvt. Ltd. vs. ITO, Ward-6(3)

  Kolkata Bench benchAY 2010-11 & 2011-12Partly Allowed

• Global Educom Pvt. Ltd. vs. Income Tax Officer

  Ahmedabad bench