Yogesh Pruthi Vs ACIT, Circle-43(1), New Delhi-110002

Parties Involved

Facts Summary

The assessee, Yogesh Pruthi, filed an appeal against the order of the CIT(A)/NFAC, Delhi, for Assessment Year 2017-18. The order was passed under section 143(3) of the Income Tax Act, 1961. The assessee is aggrieved by the findings of the lower authorities that his cash deposits during demonetization amounting to Rs. 28,01,000/- were unexplained under section 68 read with section 115BBE of the Act. The assessee’s principal business activity is running a furniture sales and trading business, which is admitted in the assessment order. The cash deposits are inferred to represent his business sales in cash due to the unorganized retail sector.…

Legal Issues

• 1. Whether the cash deposits of Rs. 28,01,000/- during demonetization are unexplained under section 68 read with section 115BBE of the Income Tax Act, 1961.
• 2. Whether the assessee should be assessed under Section 115BBE for the Assessment Year 2017-18.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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