Satya Subhas Ghoshal vs. ITO, Ward-28(2), Presently Ward-30(1), Kolkata

Parties Involved

Facts Summary

The assessee, Satya Subhas Ghoshal, filed his return of income showing a total income of Rs.3,39,860/-. The case was selected for scrutiny, and the Assessing Officer issued notices under sections 143(2) and 142(1) of the Income-tax Act, 1961. It was found that the assessee had deposited cash of Rs.1,03,86,425/- in saving bank accounts in Indusind Bank (Rs. 30,56,625/-) and ICICI Bank (Rs. 73,29,800/-). Since the assessee provided no explanation or requisite documents to verify the source of these cash deposits, the Assessing Officer added the entire sum of Rs. 1,03,86,425/- under section 68 of the Act. Aggrieved by this order, the assessee appealed to the Commissioner of Income-tax (Appeals) [CIT(A)], whose appeal was dismissed for lack of credible evidence. The assessee then filed this appeal before the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the assessee provided sufficient evidence to substantiate the cash deposits.

Judgment Outcome

Decided in favour of Assessee.

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