Upenkumar Shamjibhai Kotecha Vs. The ITO, Ward-1(2)(4), Rajkot

Parties Involved

Facts Summary

The assessee, Upenkumar Shamjibhai Kotecha, is an individual carrying on business as a proprietor dealing in sugar, oil, and allied items. The assessee maintains regular day-to-day books of account, including item-wise quantitative details and stock records. During the year under consideration, the assessee disclosed substantial turnover of approximately Rs. 43.51 crore. The Assessing Officer issued a show-cause notice regarding cash deposits allegedly made during the demonetisation period, referring to cash deposits of Rs. 31,74,47,200/-. The assessee submitted that the allegation was incorrect and that the cash deposits represented cash realised from the disclosed business sales. The Assessing Officer made an addition of Rs. 1,41,45,500/- on account of alleged unexplained cash deposited in the bank account. The assessee appealed against the order passed by the Commissioner of Income Tax (Appeals) (CIT(A)), which dismissed the appeal.…

Legal Issues

• 1. Whether the additional evidence furnished by the assessee should be considered by the CIT(A)?

Judgment Outcome

Decided in favour of Assessee.

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