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Revenue Must Prove Cash Withdrawals Were Spent – No 60% Tax for AY 2017-18
Case Law Details
- Case Name
- Surya Kant Gupta Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Delhi
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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.
Assessee later filed revised return (11.02.2019) declaring ₹3.19 lakh, including p...
Author Info
