RAJESH JAIN VS. ITO, WARD 34(6)
Case No: ITA No. 4/Del/2024
Court: INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH ‘SMC’: NEW DELHI)
Date: 2/19/2025
Parties Involved
appellantRAJESH JAIN
respondentITO, WARD 34(6)
Facts Summary
The assessee, Rajesh Jain, filed his return of income for the assessment year 2012-13 declaring a total income of Rs. 1,60,260/-. The Assessing Officer (AO) noted that during the financial year 2011-12, the assessee made cash deposits of Rs. 31,91,170/- in his bank accounts maintained with Union Bank of India. Consequently, the case of the assessee was reopened under section 147 of the Act and a notice under section 148 of the Act was issued. The assessee did not file any return of income in res…
Decision in favour of
Revenue
Legal Issues
- 1. Whether the assessee could explain the nature and source of cash deposits made in his bank accounts.
Precedents Relied Upon
3 precedents cited in this judgement.