Shri Narender Singh Vs The I.T.O

Parties Involved

Facts Summary

The AO received information that the assessee made cash deposits amounting to Rs.52,30,000/- in a State Bank of India account. The AO found that the assessee did not file any ITR for A.Y. 2012-13 and did not offer any explanation regarding the source of income or cash generation. Consequently, the AO held the cash deposit as unexplained income and added it to the assessee's income along with interest. The assessee appealed before the CIT(A), who confirmed the addition. The assessee then appealed to the Tribunal, arguing that the deposits were made by his grandfather from the sale of agricultural land.…

Legal Issues

• 1. Addition of cash deposits as unexplained income

Judgment Outcome

Decided in favour of Assessee.

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