Shri Aadesh Tyagi Vs. The Income-tax Officer

Parties Involved

Facts Summary

The case involves AIR information indicating that the assessee, Shri Aadesh Tyagi, deposited Rs. 10,01,000/- in his savings bank account and enjoyed a capital gain of Rs. 70,25,000/- from the sale of immovable property during F.Y. 2008-09. The Assessing Officer concluded that the source of the deposits was unexplained and made an addition of Rs. 10,01,000/- under section 69A. Additionally, the Assessing Officer added Rs. 70,25,000/- as short-term capital gain due to the assessee's failure to provide a plausible explanation. The total income of the assessee was assessed at Rs. 80,26,000/-. On appeal before the CIT(A), the cash deposit addition was confirmed, but partial relief was given on the capital gain issue.…

Legal Issues

• 1. Whether the addition of Rs. 10,01,000/- under section 69A for unexplained cash deposits is valid.
• 2. Whether the short-term capital gain of Rs. 70,25,000/- from the sale of immovable property is correctly attributed to the assessee.

Judgment Outcome

Decided in favour of Assessee.

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