Padam Sarup Goel vs. Income Tax Officer

Parties Involved

Facts Summary

The appellant/assessee, Padam Sarup Goel, is a proprietor of Goel filling station Petrol Pump at Palwal, Haryana. He filed his Income Tax Return on 31.10.2017 declaring income of Rs.7,92,180/-. The case was picked up for scrutiny under CASS on the reasoning that the appellant/assessee had deposited substantial cash during the demonetization period which was abnormal than the deposits of pre-demonetization period. During the assessment proceedings, the appellant/assessee claimed that the cash deposits aggregating to Rs.43,33,637/- were nothing but the cash sales of petroleum products (diesels and petrol) and opening cash in hand as on 01.11.2016. However, the Assessing Officer (AO) was not satisfied with the explanation of the appellant/assessee; therefore, the AO taxed the cash deposits aggregating to Rs.43,33,637/-. The appellant/assessee filed an appeal before the Commissioner of Income Tax (Appeals), who upheld the addition of Rs. 43,33,637/-. The appellant/assessee is in appeal on the sole issue of unexplained cash deposits of Rs.43,33,637/-. The appellant/assessee argued that the AO had neither rejected the books of account nor doubted the genuineness of opening cash in hand shown in the balance sheet as on 31.03.2016. It was further submitted that the cash deposits of Rs.43,33,637/- during the demonetization period was sourced from cash sales and opening cash in hand, which were duly disclosed in regular books of account.…

Legal Issues

• 1. Whether the addition of Rs.43,33,637/- made on account of cash deposits during the demonetization period is justified?

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

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