Ramji Prasad Jaiswal vs. The Additional/ Joint /Deputy / Assistant Commissioner of Income Tax/ Income Tax Officer

Parties Involved

Facts Summary

The assessee, Ramji Prasad Jaiswal, filed an appeal challenging the order dated 26/12/2023 passed by the Commissioner of Income Tax (Appeals), National Faceless Assessment Centre, Delhi. The appeal relates to the assessment year 2017-18. The assessee declared a total income of Rs. 7,88,430/- for the year. During the assessment proceedings, the Assessing Officer noticed that the assessee had deposited cash aggregating to Rs. 15,15,000/- during the period of demonetisation. The assessee explained that the deposits were made from the sale of a land for Rs. 9,75,000/- and accumulated savings for urgent medical expenses. The Assessing Officer did not accept the explanation and assessed the amount as 'unexplained money' under section 69A of the Act. The Commissioner of Income Tax (Appeals) confirmed the same.…

Legal Issues

• 1. Whether the explanation given by the assessee for the cash deposits made during the period of demonetisation is valid.

Judgment Outcome

Decided in favour of Assessee.

Similar Judgements

• The Rasulpur Cooperative Agriculture Service Society Ltd. Vs The ITO, Ward-1, Moga

  Amritsar bench

• Jagdish Naraindas Chandan vs. ITO 24(2)(1), Mumbai

  Mumbai bench

• Bakhtawar Nariman Dalal vs. Income Tax Officer

  Mumbai bench

• Shaik Abdul Zilani vs. The Income Tax Officer

  Visakhapatnam bench

• Shubira Prasad Vs Income Tax Officer

• Ajaykumar Mahadevbhai Patel Vs. The Income Tax Officer, Ward 1(2)(1), Vadodara

  Ahmedabad bench