Sri Tanmoy Dutta vs. AO, NFAC/ITO

Parties Involved

Facts Summary

The assessee, Sri Tanmoy Dutta, did not file any return of income for the Assessment Year 2013-14. The Assessing Officer (AO) received information about cash deposits totaling Rs. 6,90,75,400/- in the assessee's two bank accounts during the financial year 2012-13. The AO issued a show cause notice and treated these deposits as unexplained income. In response, the assessee explained that he was a young individual from a lower-middle-class family who was lured by others to route their money through his bank accounts in exchange for commission. The assessee declared this commission income under the Income Declaration Scheme, 2016 (IDS 2016), which was accepted by the Department. Despite this, the AO added the entire deposit amount as income from undisclosed sources, a decision that was upheld by the Commissioner of Income Tax (Appeals) [CIT(A)]. The assessee appealed this decision.…

Legal Issues

• 1. Whether the cash deposits of Rs. 6,90,75,400/- in the assessee's bank accounts should be treated as unexplained income.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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