Suresh Chand vs. Income Tax Officer

Parties Involved

Facts Summary

The assessee, Suresh Chand, is an individual and proprietor of M/s Suresh Chand Subhash Chand, engaged in trading agriculture produce. The return of income for the year under appeal was filed declaring total income at Rs. 3,55,820/-. A survey action was carried out at the business premises, and the case was selected under compulsory scrutiny. The Assessing Officer assessed the income of the assessee at Rs. 77,04,417/- by making an addition of Rs. 73,48,597/- under section 68 of the Income Tax Act, 1961, holding part of the cash deposit during demonetization as undisclosed income. The assessee appealed against this order, which was dismissed by the Commissioner of Income Tax (Appeals). Aggrieved by this, the assessee filed an appeal before the Tribunal.…

Legal Issues

• 1. Whether the addition of Rs. 73,48,597/- made under section 68 of the Act for unexplained cash deposits during demonetization is valid.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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