Assessee filed return showing gross receipts of Rs. 9 lakhs, however it was found that the assessee made cash deposits of more than 37 lakhs in saving bank account. The AO made made addition of differential amount to assessee’s income. Addition was confirmed by CIT(A) and appellate Tribunal. High court also affirmed the order of the Tribunal. (AY. 2008-09)
Krishan Kumar. v. ITO (2019)107 taxmann.com 463 / 265 Taxman 228 (P& H) (HC) Editorial: SLP of asessee is dismissed Krishan Kumar. v. ITO (2019) 265 Taxman 227 (SC)
S. 69A : Unexplained money–Cash deposit in savings bank account of Rs. 37 lakhs-Sales as per return was only Rs.9.65 lakhs-Addition is held to be justified.