Cash deposit per se cannot be the income of the assessee and re-assessment proceedings have been quashed - Dheeraj Yadav Vs ITO

Last updated: 12 January 2021
Quick Summary
The Income Tax Appellate Tribunal has ruled that a mere cash deposit into a bank account cannot, by itself, be considered the income of an assessee. This decision quashed re-assessment proceedings initiated against Dheeraj Yadav, where the Assessing Officer had treated a cash deposit of Rs. 11,07,160/- as unexplained income under section 69A of the Income Tax Act. The Tribunal found that the initiation of re-assessment was flawed as the deposit alone did not constitute income.

Court :
ITAT New Delhi

Brief :
This appeal by assessee has been directed againstthe Order of the Ld. CIT(A)-16, New Delhi, Dated28.05.2019, for the A.Y. 2011-2012, challenging the reopening of the assessment under section 147/148 of the I.T. Act, 1961 and addition of Rs.11,07,160/-.

Citation :
ITA.No.6701/Del./2019

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