Yogesh Didwania Vs ACIT, Circle-2(1), Faridabad

Parties Involved

Facts Summary

The appellant, Yogesh Didwania, a medical professional, filed appeals ITA Nos. 3279 & 3280/Del/2024 for Assessment Years 2012-13 & 2013-14 against the orders of CIT(A)/NFAC, Delhi. The lower authorities had treated the assessee’s cash deposits of Rs.74,77,956/- and Rs.58,27,981/- as unexplained cash credits liable to be assessed under section 68 of the Income Tax Act, 1961. The assessee argued that his supportive evidence was wrongly rejected, while the Revenue supported the lower authorities’ addition.…

Legal Issues

• 1. Whether the cash deposits of the assessee should be treated as unexplained cash credits liable to be assessed under section 68 of the Income Tax Act, 1961.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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