Question 1

What are the key legal issues in Shrinivas Vijaykumar Chidrewar Vs ITO?

Accepted Answer

1. Whether the first appellate authority provided a reasonable opportunity to the assessee to adduce necessary evidential material in support of his claim and to represent effectively vis-à-vis to comply with the requirements sought?

Question 2

What are the facts of Shrinivas Vijaykumar Chidrewar Vs ITO?

Accepted Answer

Shrinivas Vijaykumar Chidrewar filed his return of income on 20/12/2014 declaring total income of ₹4,94,303/-. A search was carried on 'M/s Sri Renuka Mata Multi-State Co-Op. Credit Society Ltd' with whom the assessee was maintaining a savings account wherein he deposited cash to the tune of ₹32,16,405/- during the year under consideration. Upon the receipt of this information, the assessee's case was reopened for assessment under section 147 of the Income-tax Act, 1961. Various notices including a show cause notice issued during the course of re-opened assessment remained unattended by the assessee. This non-representation led to failure on the part of the assessee to explain the nature and source of such cash deposits, owing to which the Assessing Officer treated the same as unexplained money under section 69A and added the same to total income and accordingly framed the assessment under section 147 r.w.s. 144 of the Act. The assessee assailed the former addition in first appeal unsuccessfully. Aggrieved assessee challenged the impugned action of the first appellate authority on two argumentative grounds, hence in view of rule 8 of ITAT-Rules 1963 reproduction thereof dispensed with.

Shrinivas Vijaykumar Chidrewar Vs ITO

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