Sureshkumar Bhikalal Thakker vs. Income Tax Officer

Parties Involved

Facts Summary

The assessee, Sureshkumar Bhikalal Thakker, filed an appeal against the order of the Commissioner of Income Tax (Appeals) confirming an addition of Rs.30,00,000/- made by the Assessing Officer under Section 68 of the Income Tax Act, 1961. The addition was made due to unexplained cash deposits in the assessee's bank account during the demonetization period. The assessee claimed that the cash deposits were from cash sales of hardware items. The Assessing Officer observed that the cash deposits were unusually high during the demonetization period compared to earlier months. The Commissioner of Income Tax (Appeals) confirmed the addition. The assessee argued that the increase in cash sales was due to the demonetization scheme, and the cash sales data was consistent with previous years. The assessee also claimed that the discrepancy in cash sales was due to a clerical mistake.…

Legal Issues

• 1. Whether the addition made by the Assessing Officer under Section 68 of the Income Tax Act, 1961 is justified?

Judgment Outcome

Decided in favour of Assessee.

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