Shri Hardevsingh P Chudasama vs The Principal Commissioner of Income Tax-3, Ahmedabad

Parties Involved

Facts Summary

The assessee, Shri Hardevsingh P Chudasama, filed an appeal against the order passed by the Principal Commissioner of Income Tax, Ahmedabad, arising from an assessment order under Section 263 of the Income Tax Act, 1961, for the Assessment Year 2017-18. The assessee had deposited substantial cash in the bank account during the demonetization period but failed to file the return of income. The Assessing Officer proceeded under Section 144 of the Act and made an addition of Rs.44,07,549/- as unexplained money. The Principal Commissioner of Income Tax observed that the total amount credited by way of transfer/cash deposit in the bank account was required to be added to the total income, resulting in an under-assessment of income of Rs.6,34,87,602/- and a short levy of tax of Rs.7,79,80,234/- including interest. The assessee filed an appeal against this order.…

Legal Issues

• 1. The learned PCIT erred in exercising the powers under Section 263 of the Act.
• 2. The Learned PCIT erred in holding that the learned AO has not conducted inquiries properly.

Judgment Outcome

Decided in favour of Assessee.

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