Revenue Must Prove Cash Withdrawals Were Spent – No 60% Tax for AY 2017-18

Surya Kant Gupta Vs ITO (ITAT Delhi)

Revenue Must Prove Cash Withdrawals Were Spent – ITAT Follows Karnataka HC; No 60% Tax for AY 2017-18: Tribunal Applies Madras HC Ruling on 115BBE

Background

• Assessee: Late Shri Ram Babu Gupta (represented by legal heir Shri Surya Kant Gupta), retired Govt. employee.
• Return: Filed 07.03.2018 declaring income of ₹2.67 lakh.
• Scrutiny: Limited scrutiny to verify cash deposits.
• AO’s Assessment (u/s 144, 31.03.2016):
• Noticed cash deposits of ₹10.89 lakh in Canara Bank.
• A

  Please become a Premium member. If you are already a Premium member, login here to access the full content.