Suresh Prasad Mehta Vs. Income Tax Officer, Ward-2(2), Hazaribagh

Parties Involved

Facts Summary

The assessee deposited cash amounting to Rs 12 lakh in a bank account during the demonetization period from 08.11.2016 to 31.12.2016. No return was filed. Subsequently, action u/s 147/148 of the Act was taken by the ld.AO. The assessee was running a Cement Shop and the turnover was Rs 1,03,40,900/- on which income was determined at the rate of 8% i.e. Rs 8,27,272/- and after deduction under Chapter VI-A, net income was Rs 6,77,270/-. The AO in the course of assessment proceedings made several queries so as to have complete explanation of the cash deposits. However, there was no further compliance. The assessee filed appeal against the assessment order before the ld.CIT(A). However, there was no compliance to several notices issue from time to time. The ld.CIT(A) consequently dismissed the appeal on the ground that the appellant was not interested in pursuing the appeal.…

Legal Issues

• 1. The assessee deposited cash amounting to Rs 12 lakh in a bank account during the demonetization period from 08.11.2016 to 31.12.2016. No return was filed.
• 2. The assessee was running a Cement Shop and the turnover was Rs 1,03,40,900/- on which income was determined at the rate of 8% i.e. Rs 8,27,272/- and after deduction under Chapter VI-A, net income was Rs 6,77,270/-

Judgment Outcome

Decided in favour of Assessee.

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