Shyamlo Datt Shukla vs. Income Tax Officer

Parties Involved

Facts Summary

The facts of the case are that Shyamlo Datt Shukla, the appellant, had cash deposits amounting to Rs. 45,16,000/- in his savings bank account. The Income Tax Officer issued a notice under section 133(6) of the Income Tax Act, 1961, but upon failure to receive any explanation, issued a notice under section 148. The appellant submitted that the deposits were business proceeds from his wife's firm, M/s Krishi Yantra Udyog, Soraon, Prayagraj. However, the Assessing Officer did not find the explanation acceptable and made an addition of Rs. 17,41,000/- under section 69A of the Income Tax Act, 1961. The appellant filed an appeal before the Commissioner of Income Tax (Appeals) which was dismissed. The appellant then filed an appeal before the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the learned Commissioner of Income Tax (Appeals) erred in dismissing the appeal in limine without giving the adequate and effective opportunity of being heard.
• 2. Whether the reassessment proceeding initiated solely on the basis of AIR Information without recording of valid reason and application of mind is bad in law.
• 3. Whether the learned Commissioner of Income Tax (Appeals) erred in law and on facts in making sustaining the addition of Rs. 17,41,000/- made on account of deposit in bank account as unexplained money by invoking the provision of section 69A of the Income Tax Act, 1961.

Judgment Outcome

Decided in favour of Assessee.

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