Saifa Molla Vs. ITO, Ward-26(3), Kolkata

Parties Involved

Facts Summary

The assessee, Saifa Molla, an individual, filed her return of income for the Assessment Year 2017-18 showing a total income of ₹2,90,590/-. Her case was selected for scrutiny to verify the source of cash deposits during the demonetization period. Notices under sections 143(2) and 142(1) of the Income Tax Act, 1961 were issued. The assessee deposited cash of ₹46,33,000/- during the demonetization period in her bank account with the State Bank of India, Amtala Branch. Despite a show cause notice, the assessee failed to explain the source of these deposits. Consequently, the Assessing Officer treated the sum as unexplained money under section 69A of the Act and added it to the assessee's total income, assessing it at ₹49,23,590/-. The assessee appealed this order before the Commissioner of Income Tax (Appeals)-NFAC, Delhi, who upheld the Assessing Officer's decision. Aggrieved, the assessee filed an appeal before the Tribunal.…

Legal Issues

• 1. Whether the addition of ₹46,33,000 as unexplained cash credit under section 69A of the Income Tax Act, 1961 is correct.
• 2. Whether the assessment order was passed without granting sufficient opportunity of hearing to the assessee.

Judgment Outcome

Decided in favour of Assessee.

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