Case Law Details
Hasmukh Kanjibhai Tadhani Vs ITO (ITAT Surat)
The case of Hasmukh Kanjibhai Tadhani Vs ITO (ITAT Surat) revolves around cash deposits made during the demonetization period. This article provides an in-depth analysis of the case, examining the arguments presented by both the assessee and the assessing officer, and ultimately, the conclusion reached by the Income Tax Appellate Tribunal (ITAT) in Surat.
Background: The appeal was filed by the assessee for Assessment Year (AY) 2017-18 against the order of the Learned Commissioner of Income Tax (Appeals) dated 24.11.2022. The appeal stemmed from an assessment order passed by the Assessing Officer under section 143(3) of the Income Tax Act, 1961.
Grounds of Appeal: The assessee raised several grounds of appeal, primarily contesting the addition of Rs. 5,07,000 on account of cash deposits in a bank account during the demonetization period, treated as alleged unexplained money under section 69A of the Act. Additionally, the initiation of penalty proceedings under section 271AAC was challenged.
Factual Background: The assessee filed the return of income for AY 2017-18, declaring total income of Rs. 6,77,840. Subsequently, the case was selected for scrutiny, and notices were issued. It was observed that the assessee had deposited a total of Rs. 5,07,000 in a bank account during the demonetization period.
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Whether RBI has done auditing ‘ internal auditing’ for printed 2,000 high value notes?
It is understood there was no internal audit had been done.
How many billions printed and converted from black to white?