Case Law Details
Sudarshan Purushothama Vs ITO (ITAT Bangalore)
Sudarshan Purushothama, a partner in M/s. SRK OFFICE-X, filed his income tax return for the Assessment Year (A.Y.) 2017-18, declaring an income of Rs. 5,17,030. His case was selected for scrutiny under the Cash Transaction Analysis System (CASS) due to cash deposits made during the demonetization period. The Income Tax Officer (ITO) assessed his income as Rs. 18,56,029, adding Rs. 11,79,000 as unexplained money under Section 69A of the Income Tax Act.
Purushothama appealed against the addition, claiming that the cash deposits were from earlier bank withdrawals and therefore explained. The Commissioner of Income Tax (Appeals) [CIT(A)] dismissed his appeal, leading him to escalate the matter to the Income Tax Appellate Tribunal (ITAT) Bangalore.
Case Arguments
Assessee’s Arguments:
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