Smt. Anisha Agarwal Vs. ACIT, Circle-3(2), Gangtok

Parties Involved

Facts Summary

Smt. Anisha Agarwal, a resident of Sikkim, deposited cash of Rs. 1,21,04,200/- in her bank account during the assessment year 2017-18, including deposits made during the demonetization period of Rs. 20,33,000/-. The Assessing Officer (AO) issued a notice under section 142(1) of the Act on 22.02.2018, calling upon the assessee to prepare a true and correct return. However, the assessee failed to file the return either under section 139 or in response to the notice. Consequently, the AO made a best judgment assessment under section 144(1)(b) of the Act, assessing the income at Rs. 59,77,559/-. The First Appellate Authority decided the case ex-parte and dismissed it in liminie due to the assessee's failure to appear.…

Legal Issues

• 1. Whether the assessee is exempt from filing a return of income under section 10(26AAA) of the Act?

Judgment Outcome

Decided in favour of Assessee.

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