Shri Jayprakash Kanabhai Kangad Vs. ITO

Parties Involved

Facts Summary

The appellant, Shri Jayprakash Kanabhai Kangad, is assessed to tax by the Income-tax Officer, Ward- 2(1)(3), Rajkot. He is a partner in the firm M/s. Ajani Developers and derives share of profit, interest on capital, remuneration, rental income, and income from agriculture activities. The return of income for the assessment year under consideration was filed on 26.03.2018, declaring a total income of Rs.5,86,460/- and agriculture income of Rs.28,68,035/-. The Income-tax Officer selected the case for limited scrutiny under the CASS System and issued a notice under section 143(2) of the Income Tax Act, 1961. The appellant explained that the source of cash deposits was mainly from opening cash on hand accumulated from agriculture activities. The Income-tax Officer made an assessment with an addition of Rs.18,68,035/- under section 68 r.w.s. 115BBE of the Act, which the appellant challenged in the appeal.…

Legal Issues

• 1. The CIT(A) erred on facts as also in law in dismissing the appeal ex-parte without allowing adequate opportunity of being heard.
• 2. The CIT(A) erred on facts as also in law in confirming addition of Rs.18,68,035/- made u/s.68 r.w.s. 115BBE of the Act being alleged unexplained credit brought in books of account in the guise of Agriculture Income.

Judgment Outcome

Decided in favour of Assessee.

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