Yogini Sureshkumar Shukla Vs. Income Tax Officer, Ward-3(3)(5), Ahmedabad

Parties Involved

Facts Summary

The assessee, Yogini Sureshkumar Shukla, filed her return of income for the Assessment Year (A.Y.) 2017-18 on 24.03.2018 declaring a total income of Rs.2,67,040/-. The case was selected for scrutiny under CASS. During the assessment, the Assessing Officer (AO) noticed that the assessee had made a cash deposit of Rs.10,60,000/- in her bank account during the demonetization period. The AO was not satisfied with the explanation of the assessee regarding the source of the cash deposits and treated the source of cash deposits as unexplained, adding it to the income. The assessment was completed on 31.10.2019 at a total income of Rs.13,27,040/-. The assessee filed an appeal before the first appellate authority, which was dismissed by the Additional Commissioner of Income Tax (Appeals). The assessee then filed a second appeal before the ITAT.…

Legal Issues

• 1. Addition of Rs. 10,60,000/- on account of Unexplained Money u/s 69A
• 2. Calculation of tax @ 60% as per section 115BBE of the Income Tax Act
• 3. Initiating penalty proceeding u/s. 271AAC(1) of the Act

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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