Sri.Anilkumar Sukumaran v. The Assistant Commissioner of Income-tax, Circle Alappuzha

Parties Involved

Facts Summary

Sri.Anilkumar Sukumaran deposited cash in the bank amounting to Rs.28,50,000 in SBN which were no longer legal tender after the demonetization scheme pronounced on 08th November, 2016. The Assessing Officer added the same to the total income of the assessee. The assessee appealed against this addition before the Commissioner of Income-tax (Appeals) / NFAC, which was confirmed. The assessee then appealed to the Income Tax Appellate Tribunal, Cochin Bench, contending that the source of the money was explained and the addition was unjustified.…

Legal Issues

• 1. Whether the addition of Rs.25,00,000 representing cash deposits in bank during demonetization period u/s 69 of the Act was justified.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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