Shri Jignesh Babulal Modi vs. The Income Tax Officer

Parties Involved

Facts Summary

The assessee, Shri Jignesh Babulal Modi, filed an appeal against the order dated 11-01-2019 passed by the Commissioner of Income Tax (Appeals) for the assessment year 2010-11. The grounds of appeal were that the re-opening of assessment under section 147 of the Act was unjustified and that the addition of Rs. 31,81,300/- made in respect of deposits in the appellant's bank account was erroneous. The assessee had filed a return of income declaring a total income of Rs. 1,61,027/- for the assessment year 2010-11. The case was reopened, and the Assessing Officer made an addition of Rs. 31,81,300/- in respect of unexplained cash deposits in the bank account of the assessee. The assessee filed an appeal before the Commissioner of Income Tax (Appeals), which was dismissed. The assessee argued that the revenue had accepted similar cash deposits in the earlier assessment year as commission income, and the assessee had lodged a complaint against the partners of the firm.…

Legal Issues

• 1. Whether the re-opening of assessment under section 147 of the Act is justified.
• 2. Whether the addition of Rs. 31,81,300/- made in respect of deposits in the appellant's bank account is erroneous.

Judgment Outcome

Decided in favour of Assessee.

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