Siddhartha Das vs. ITO, Ward-3(1), Suri

Parties Involved

Facts Summary

The assessee, Siddhartha Das, filed an income return declaring a total income of Rs. 3,34,330/- for the assessment year 2016-17. The case was selected for scrutiny due to large cash deposits and property transfers. The Assessing Officer (AO) added Rs. 7,83,000/- as unexplained money, Rs. 23,50,000/- as unexplained investments, and Rs. 14,00,000/- as unexplained cash credit. The Commissioner of Income Tax (Appeals) confirmed these additions. The assessee appealed against these additions, arguing that the amounts were sourced from legitimate transactions and gifts from his father.…

Legal Issues

• 1. Confirmation of addition of Rs. 7,83,000/- by the Ld. CIT(A) as unexplained money.
• 2. Confirmation of addition of Rs. 23,50,000/- by CIT(A) as unexplained investments.
• 3. Confirmation of addition of Rs. 14,00,000/- by the Ld. CIT(A) as unexplained cash credit.

Judgment Outcome

Decided in favour of Assessee.

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