Shri Parthasarathy Balaji vs. ITO

Parties Involved

Facts Summary

The appeal by assessee for Assessment Year 2017-18 arises out of an order passed by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi on 15-02-2024. The Assessing Officer made additions of cash deposit of Rs.172.81 Lacs and Rs.54.60 Lacs, and denied housing loan interest deduction and Chapter VIA deduction. The assessee submitted partial details during appellate proceedings, and the CIT(A) directed the AO to verify and reduce the addition of Rs.172.81 Lacs. The addition of Rs.54.60 Lacs was confirmed, and the assessee is in further appeal. The tribunal accepted the prayer of the assessee's representative and restored the issue of the impugned addition of Rs.54.60 Lacs back to the file of the AO, with a cost of Rs.5,000/- to be deposited by the assessee.…

Legal Issues

• 1. Addition of cash deposit of Rs.172.81 Lacs
• 2. Addition of deposit of Rs.54.60 Lacs in SBN
• 3. Housing loan interest deduction
• 4. Deduction claimed under Chapter VIA

Judgment Outcome

Decided in favour of Assessee.

Similar Judgements

• Income Tax Appeal

  Chennai bench

• DCIT, Central Circle-4(2), Kolkata Vs. Alom Poly Extrusions Ltd.

  Kolkata Bench benchAY 2016-17 & 2017-18Dismissed

• Shri. Nanjappa Vijay Shankar Vs. ITO

  Bangalore benchAY 2017-18Allowed

• Shri Harish Kumar vs. ITO

  Chennai bench

• Nimshaskiya Madhyanik Shaley Karamchari Sahakari Sanstha Ltd. v/s Income Tax Officer

  Nagpur bench

• The MIG Co-operative Housing Society (Bandra East) Group IV Limited vs. Addl/JCIT(A)

  Mumbai bench