C.K. RAMAKRISHNA,BANGALORE vs. ITO, BANGALORE

ITA 550/BANG/2014Status: DisposedITAT Bangalore30 July 2015AY 2009-109 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the assessee failed to discharge the onus of proving the source of cash deposits with corroborative evidence. Relying on previous judgments, it was decided that even if Section 68 was not strictly applicable due to lack of maintained books of account, the deposits could be taxed under general principles or other sections like 69.

What were the facts?

The assessee, an employee of Satyam Computers, deposited Rs. 23,91,000 in cash into his bank account. He claimed the deposits were from earlier withdrawals for a property transaction that did not materialize, but the Assessing Officer found this explanation unsatisfactory.

What were the issues?

Whether cash deposits in a bank account can be added as unexplained income when the assessee does not maintain books of account, and if Section 68 is the appropriate section for such additions.

Which sections of the Income-tax Act were involved?

Section 68,Section 69,Section 143(3),Section 234B,Section 234C

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Income Tax Appellate Tribunal, BANGALORE BENCH ‘ A ’

Before: SMT. P. MADHAVI DEVI & SHRI JASON P. BOAZ

For Appellant: Shri Raghavendra Chakravarthi, C.A

Per Shri Jason P. Boaz, A.M. : This appeal by the assessee is directed against the order of the Commissioner of Income Tax (Appeals), LTU, Bangalore dt.20.3.2014 for Assessment Year 2009-10. 2. The facts of the case, briefly, are as under :-

2.

1 The assessee, an individual employed at Satyam Computers Services Ltd., Bangalore, filed his return of income for Assessment Year 2009-10 on 24.7.2009 declaring income of Rs.8,31,390. On the basis of AIR information that the assessee had made cash deposits in his bank account maintained at ICICI Bank, Jayanagar, Bangalore to the extent of Rs.23,91,000, the case was taken up for scrutiny. As per the de

The order continues below.

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