Rajesh Yadav vs. Income Tax Officer

Parties Involved

Facts Summary

The assessee, Rajesh Yadav, filed an appeal challenging the order dated 10/06/2023 passed by the Commissioner of Income Tax (Appeals). The appeal relates to the Assessment Year 2011-12. The assessee deposited Rs.13.90 lakhs into his savings bank account during the financial year 2010-11. The deposit included Rs.8,00,000/- received as a loan from Nagar Sahakari Bank and Rs.5.90 lakhs received as a gift from his father, Shri Ram Kewal Yadav. The Assessing Officer disputed the claim of the deposit and made an addition of Rs.13.90 lakhs as 'unexplained investment' under section 69 of the Act. The Commissioner of Income Tax (Appeals) dismissed the assessee's appeal for non-appearance.…

Legal Issues

• 1. Whether the deposit of Rs.13.90 lakhs was properly explained by the assessee.
• 2. Whether the Assessing Officer's reasoning for rejecting the claim of receipt of gift was correct.

Judgment Outcome

Decided in favour of Assessee.

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