Case Law Details
Mareddy Jagan Mohan Reddy Vs ITO (ITAT Hyderabad)
Introduction: The case of Mareddy Jagan Mohan Reddy versus ITO revolves around an appeal filed by the assessee (Mareddy) against an ex-parte order from CIT (A)-NFAC Delhi. The focal point of contention here is the addition of Rs.15.00 lakhs by the Assessing Officer, the attitude of the assessee towards CIT(A) notices, and the final adjudication by the ITAT Hyderabad.
Analysis:
1. Delay in Filing Appeal: Mareddy’s appeal witnessed a delay of 21 days, attributed to his ill health. Given the circumstances, the delay was condoned.
2. Main Contention: The core issue arises from the Rs.20,69,000/- deposit by the assessee during the demonetization period. A part of this, Rs.15.00 lakhs, was classified as unexplained by the Assessing Officer and was subjected to tax under section 69A r.w.s. 115BBE of the I.T. Act.
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