Sukhwant Kaur Sandhu vs. ITO Ward – 3(2)

Parties Involved

Facts Summary

The assessee, Sukhwant Kaur Sandhu, is engaged in trading of petroleum products. The assessee deposited cash of Rs.14.48 Lacs in her HDFC Bank Account from 05.12.2016 to 15.12.2016. The Assessing Officer observed that the assessee could accept Specified Bank Notes (SBN) up to 03.12.2016 only. The assessee was show-caused on deposits of Rs.11.11 Lacs which were deposited after 05.12.2016. The assessee stated that the closing cash-in-hand as per its books as on 03.12.2016 was Rs.16.08 Lacs and the same was sourced to make the said deposits. However, the Assessing Officer rejected the said explanation and made an addition of Rs.11.11 Lacs as unexplained cash credits under section 68. The Commissioner of Income Tax (Appeals) deleted 50% of the addition but retained the balance addition against which the assessee is in further appeal before the tribunal.…

Legal Issues

• 1. Addition of cash deposit for Rs.11.11 Lacs

Judgment Outcome

Decided in favour of Assessee.

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