ITA No. 1711/Chny/2024

Parties Involved

Facts Summary

The assessee, a partnership firm, did not file the return of income for the assessment year 2017-18. Based on information about cash deposits made during the demonetization period, the Assessing Officer (AO) issued a notice under section 148 of the Act on 31.01.2019. Since the assessee did not respond, the AO passed an exparte re-assessment order under section 144 of the Act on 29.12.2019, adding Rs.1,38,92,812/- as unaccounted income under section 69A of the Act. The Commissioner of Income Tax (Appeals) confirmed the addition, leading the assessee to appeal to the Income Tax Appellate Tribunal.…

Legal Issues

• 1. Whether the cash deposit made into the bank accounts of the assessee amounting to Rs.1,38,92,812/- constitutes unaccounted income?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

• Durga Trading Co. Vs. ITO, Ward-2(1)(2), Ghaziabad

  Delhi Bench 'B', New Delhi benchAY 2017-18Allowed

• Mander Jain Vs. Income Tax Officer, Ward-59(5)

  Delhi Bench 'C' benchAY 2017-18Allowed

• Satya Pal Shiv Kumar Vs ACIT, Circle-47(1), New Delhi

  Delhi Bench benchAY 2017-18Allowed

• Zeliant Corp vs. Income Tax Officer, Ward 36(1), Delhi

  Delhi Bench 'A', New Delhi benchAY 2017-18Allowed

• Satbir Mahato Vs. ITO, Ward 24(3)

  Kolkata Bench benchAY 2009-10Allowed

• Jayam Enterprises vs. The Income Tax Officer, Ward-1(1), Salem