Susheel Kumar vs. Income Tax Officer

Parties Involved

Facts Summary

Susheel Kumar, a kiryana merchant, appealed against the addition of Rs. 23,70,000/- on account of cash deposits during demonetization. The assessee argued that the increase in cash deposits was due to higher sales during the festival season and demonetization. The assessee maintained proper books of account and daily cash balances. The respondent argued that the assessee failed to substantiate the source of cash deposits. The tribunal found the assessee's explanation plausible and set aside the impugned order.…

Legal Issues

• 1. Addition of Rs. 23,70,000/- on account of cash deposits during demonetization

Judgment Outcome

Decided in favour of Assessee.

Similar Judgements

• Uday G. Andanimath vs. The Income Tax Officer

  Bangalore benchAY 2017-18Dismissed

• M/s. JMK Jewels Pvt. Ltd. vs. ACIT

• Padam Sarup Goel vs. Income Tax Officer

  Delhi bench

• The Trivandrum Employees Co-operative Society Ltd. vs. The Income Tax Officer

  Cochin bench

• Nightingale Finvest Private Limited Vs ITO, Ward-12(4), Kolkata

  Kolkata Bench benchAY 2017-18Partly Allowed

• Manoj Kumar Agarwal vs. Income Tax Officer, Ward-45(2), Delhi

  Delhi Bench benchAY 2017-18Allowed