Rupesh Gupta Vs. ITO-3(1), Raipur

Parties Involved

Facts Summary

Rupesh Gupta, a commission agent, filed an appeal against the order passed by the Commissioner of Income-Tax (Appeals) regarding the addition of unexplained cash credit in his bank account under Section 68 of the Income-tax Act, 1961. The assessee had deposited Rs.1,41,50,222/- in his bank account, out of which Rs.95,86,421/- were cash deposits. The Assessing Officer added Rs.1,38,20,222/- as unexplained cash credit, which the assessee contested, claiming the deposits were business receipts for which he earned commission. The CIT(Appeals) upheld the addition, but the ITAT set aside the order and directed the Assessing Officer to re-adjudicate the matter after necessary verification.…

Legal Issues

• 1. Whether the Assessing Officer was justified in adding Rs.1,38,20,222/- as unexplained cash credit under Section 68 of the Act.

Judgment Outcome

Decided in favour of Assessee.

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