Rakesh Kumar vs ITO Ward 3(1), Jaipur

Parties Involved

Facts Summary

Rakesh Kumar, a petty shopkeeper, filed an appeal against the order passed by the National Faceless Appeal Centre (NFAC), Delhi, for the Assessment Year 2017-18. The appeal was filed 247 days late due to personal and medical circumstances. The main issue was the addition made to the income of the assessee under Section 69A of the Income Tax Act, 1961, treating the cash found deposited in the bank account of the assessee as unexplained money. The assessee argued that the cash deposits were from his business receipts and withdrawals from his bank account. The tribunal considered the assessee's turnover and allowed a partial relief of Rs. 20,00,000/- against the addition made of Rs. 25,66,030/- on account of unexplained cash deposited in his bank account.…

Legal Issues

• 1. The addition made to the income of the assessee under Section 69A of the Income Tax Act, 1961.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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