Surender Kumar Aggarwal vs. Income Tax Officer

Parties Involved

Facts Summary

This appeal by the assessee, Surender Kumar Aggarwal, is directed against the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, dated 22.07.2024, for the assessment year 2017-18. The Assessing Officer (AO) had made an addition of Rs.36,28,000/- as unexplained cash deposits during the demonetization period. The assessee claimed that the cash deposits were sourced from loans taken from Tata Capital and Muthoot Finance. The AO and the CIT(A) disbelieved the source of these cash deposits and made the addition. The assessee argued that he had taken loans from Tata Capital (Rs.29,71,030/- on 31.12.2015) and Muthoot Finance (Rs.1,25,575/- on 08.07.2016), and had withdrawn these amounts in cash, which were subsequently deposited in two installments in his Axis Bank accounts.…

Legal Issues

• 1. Whether the cash deposits of Rs.36,28,000/- during demonetization are unexplained.

Judgment Outcome

Decided in favour of Assessee.

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