Puneet Kohli vs Assessment Unit

Parties Involved

Facts Summary

The assessee, Shri Puneet Kohli, filed a return for Assessment Year 2020-21 declaring income of Rs. 5,55,490/-. The department re-opened the case due to information regarding cash deposits of Rs. 3,54,07,511/- and Rs. 2,23,99,000/- in the assessee’s current accounts. A notice under section 148 was issued. The Assessing Officer treated Rs. 2,23,99,000/- as unexplained money under section 69A, while accepting the explanation for Rs. 3,54,07,511/-. The assessment was completed at an income of Rs. 3,64,18,689/- after disallowing certain expenses and making additions for unexplained cash credits. The assessee appealed to the Commissioner of Income Tax (Appeals), who dismissed the appeal for lack of supporting documentary evidence. The assessee then filed the present appeal before the Tribunal.…

Legal Issues

• 1. Addition of Rs. 2,23,99,000/- under section 69A of the Income Tax Act, 1961
• 2. Disallowance of expenses amounting to Rs. 19,58,448/-
• 3. Disallowance of other expenses amounting to Rs. 3,33,676/-
• 4. Disallowance of other expenses amounting to Rs. 8,00,000/-
• 5. Addition of Rs. 70,94,025/- by disallowance of unexplained cash credits under section 68
• 6. Addition of Rs. 32,73,278/- by unexplained investment under section 69

Judgment Outcome

Decided in favour of Assessee.

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