Suresh Kumar Gupta Vs. ACIT

Parties Involved

Facts Summary

The Assessee filed a return of income at Rs. 2,97,100/- which was processed under section 143(1) of the Income Tax Act, 1961. The case was picked up for 'complete scrutiny' under the CASS system. An assessment order was passed under section 143(3) of the Act by making an addition of Rs. 60,20,000/- under section 69A of the Act on account of unexplained money deposited during the demonetization period. Aggrieved by the assessment order dated 15/11/2019, the Assessee preferred an Appeal before the Learned Commissioner of Income Tax (Appeals)-27, New Delhi. The Learned CIT(A) vide order dated 29/09/2023, dismissed the Appeal filed by the Assessee. Aggrieved by the order of the Learned CIT(A) dated 29/09/2023, the Assessee preferred the present Appeal on the Grounds mentioned above.…

Legal Issues

• 1. Whether the appellate order passed under section 250/143(3) of the Act is against the facts of the case.
• 2. Whether the order passed by the Learned Commissioner of Income Tax (Appeals)-27, New Delhi is perverse in law and facts.
• 3. Whether the Learned Commissioner of Income Tax (Appeals)-27, New Delhi erred in sustaining the income of Rs. 63,17,100/- against the returned income of Rs. 2,97,100/-.
• 4. Whether the Learned Commissioner of Income Tax (Appeals)-27, New Delhi erred in not appreciating the fact that the appellant was in possession of the funds during demonetization.
• 5. Whether the Learned Commissioner of Income Tax (Appeals)-27, New Delhi is justified in sustaining addition of the turnover of the last year to the income of the present year.
• 6. Whether invoking/sustaining of the provision under section 115BBE of the Act is justified.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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