Veera Ganikamma Guttula Vs. Income Tax Officer

Parties Involved

Facts Summary

The assessee, Veera Ganikamma Guttula, filed her return of income on 30/03/2018 declaring an income of Rs.3,05,200/-. The Assessing Officer found cash deposits in her account amounting to Rs.23,52,300/- during the year, which were not mentioned in her return. The assessee explained that these deposits represented business receipts from petty contract works. However, the Assessing Officer did not believe the assessee's explanation and added the entire amount to her income. The assessee appealed to the Commissioner of Income Tax (Appeals), who dismissed the appeal, finding that the assessee was in the business of money lending rather than contract works.…

Legal Issues

• 1. Whether the cash deposits in the assessee's account should be treated as business receipts or as income from other sources.

Judgment Outcome

Decided in favour of Assessee.

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