Pramod Kumar Jain Vs. Pr. CIT, Raipur-1

Parties Involved

Facts Summary

Pramod Kumar Jain, the appellant, filed an appeal against the order of the Principal Commissioner of Income Tax (Pr. CIT) for the assessment year 2017-18. The appellant was aggrieved by the order passed by the Pr. CIT under section 263 of the Income Tax Act, 1961. The order pertained to the assessment of income tax for the appellant, specifically focusing on substantial cash deposits and credit entries amounting to Rs.1,00,20,020/- in a bank account associated with his business concern. The Assessing Officer had accepted the explanation of the appellant without conducting proper enquiries regarding the source of these deposits, leading to the appellant's contention that the assessment order was erroneous and prejudicial to the interests of the Revenue.…

Legal Issues

• 1. Whether the Assessing Officer conducted proper enquiries regarding the source of deposits in the bank account.
• 2. Whether the reassessment order was erroneous and prejudicial to the interests of the Revenue.

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

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