The record
Written from the 1 report below. Nothing here is unsourced.
- A Haryana resident with a reported income of Rs 1.79 lakh faced an income addition of Rs 11.22 crore after failing to provide documentation for substantial cash deposits and loans.
- The taxpayer sought a fresh opportunity to present evidence before the Assessing Officer and offered to plant 500 trees as a social contribution.
- The Income Tax Appellate Tribunal (ITAT) granted the request on the strict condition that the tree plantation is completed within one month.
- Failure to fulfill the environmental condition will result in the original tax assessment being restored.
What to watch next
- Whether the taxpayer completes the tree plantation within the one-month deadline.
- The outcome of the remanded assessment proceedings before the Assessing Officer.
Who said what1
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Karanjot Singh Khurana
Partner, DMD Advocates
1 quote · 1 outlet
“It can be speculated that a return declaring Rs 1.79 lakh of income and Rs 3 lakh of agricultural income, against cash deposits of nearly Rs 86 lakh in the demonetisation window and a balance sheet carrying Rs 9.26 crore of unsecured loans could have been flagged in CASS for scrutiny assessment.”
In the article
…DMD Advocates, told ET that the assessment order does not specify why the return was selected for scrutiny. However, he said the circumstances of the case themselves represented a typical trigger for scrutiny. “ It can be speculated that a return declaring Rs 1.79 lakh of income and Rs 3 lakh of agricultural income, against cash deposits of nearly Rs 86 lakh in the demonetisation window and a balance sheet carrying Rs 9.26 crore of unsecured loans could have been flagged in CASS for scrutiny assessment. ” What ITAT Chandigarh ruled After the income additions were confirmed in the first appeal, the taxpayer approached the CIT(A), Gurgaon. His challenge before that authority did not succeed, following which he filed a…
Coverage1
All filed from India
Named India · Haryana · Panipat · Hari Yamuna Sehyog Samiti · Income Tax Appellate Tribunal · Income Tax Department · Karanjot Singh Khurana
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