Shri Bharat Kumar Chetri vs. The Income Tax Officer

Parties Involved

Facts Summary

The assessee filed a return of income declaring a total income of Rs.4,24,800. The case was selected for limited scrutiny due to cash deposits and withdrawals. A notice under section 143(2) was issued, but there was no response. The assessee deposited cash in his bank account of Rs.21,24,600 at 11 instances. The Assessing Officer noted that the assessee is an employee of Canara Bank and a national Hockey Player. The case was completed under section 144, and income was assessed at Rs.21,24,600, which was treated as unexplained investment under section 69A of the Act. The assessee filed an appeal against the order of the Commissioner of Income Tax (Appeals). The First Appellate Authority allowed credit for Rs.10,82,600 but treated the remaining amount as unexplained money. The assessee appealed to the ITAT.…

Legal Issues

• 1. Dispute regarding cash deposit of Rs.10,42,000

Judgment Outcome

Decided in favour of Assessee.

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