Preeti Gupta vs. The Income Tax Officer

Parties Involved

Facts Summary

The case of the assessee was selected for scrutiny on account of large value cash deposits during the demonetization period as compared to returned income. The assessee had deposited Rs. 15,03,000/- in her bank account during the demonetization period, which the Assessing Officer (AO) found to be unexplained. The assessee claimed the deposit was from the sale of old gold ornaments and her past savings. However, the AO found the story fabricated and added the sum to the assessee's income under section 69A of the Income Tax Act. The Commissioner of Income Tax (Appeals) confirmed the addition, leading to the assessee's appeal to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the addition made by the Assessing Officer is justified.
• 2. Whether the source of the cash deposit was properly explained.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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