Pradyumna Agrawal vs. Income Tax Officer, International Tax

Parties Involved

Facts Summary

Pradyumna Agrawal, the appellant, has challenged the order passed by the Commissioner of Income Tax (Appeals) on 28/09/2023, which dismissed the appeal against the Assessment Order dated 23/12/2019 for the Assessment Year 2017-2018. The appellant appealed against the disallowance of cash deposit of Rs.4,99,000/- made during the demonetization period. The appellant provided explanations and bank statements to support the source of the cash deposit. However, the Assessing Officer rejected the explanation due to a difference in the denomination of the cash withdrawn and deposited. The Commissioner of Income Tax (Appeals) also dismissed the appeal. The appellant then appealed to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. The addition of INR.4,99,000/- made in the hands of the Appellant u/s. 68 of the Act in respect of cash deposited in the bank account during the demonetization period.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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