SHRI SOURABH JAIN,DEWAS vs. THE ITO, DEWAS

ITA 339/IND/2016Status: DisposedITAT Indore16 January 2018AY 2011-129 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal allowed the explanation for Rs. 12,31,000/- deposited in the Dena Bank account as it pertained to the sale of property by the assessee's father. For the Axis Bank deposits, the Tribunal treated them as business receipts and taxed only the profit element at 20%.

What were the facts?

The assessee's income tax return declared a total income of Rs. 2,13,562/-. The department received information about cash deposits totaling Rs. 74,59,745/- in Dena Bank and Axis Bank accounts. The Assessing Officer made an addition of Rs. 74,59,745/- under Section 68 for unexplained cash credit.

What were the issues?

Whether cash deposits in bank accounts are unexplained cash credits under Section 68, and if not, how to tax business receipts.

Which sections of the Income-tax Act were involved?

Section 68,Section 143(3),Section 234B,Section 234C

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, INDORE BENCH, INDORE

Before: SHRI KUL BHARAT & SHRI MANISH BORAD

For Appellant: Shri Hitesh Chimnani,CA
For Respondent: Shri K.G. Goyal, Sr.DR, Shri Hitesh Chimnani,CA
Hearing: 08.01.2018Pronounced: 16.01.2018

PER MANISH BORAD, AM.

This appeal filed by the Assessee is directed against the order of ld. Commissioner of Income-tax (Appeals), Ujjain [in short referred to as the CIT (A)] dated 22.01.2016 arising out of the order u/s 143(3) of the Income Tax Act dated 28.02.2016 framed by the Income Tax Officer, Dewas pertaining to Assessment Year 2011-12. 2. The assessee has raised following grounds of appeal.

ITA No.339/Ind/2016, A.Y. 2011-12 Sourabh Jain

“1 On the facts and the circumstances of the case the Ld.CIT(A) has erred in appreciating the fact the Bank account in Dena Bank belongs to co- owner Shri Kailash Jain and amount deposited in said account pertains

The order continues below.

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