Appeal of Shashi Maheshwari vs ITO Ward-70(1), New Delhi for Assessment Year 2011-12: A Case of Bank Deposit Dispute

An intriguing appeal case, ITA No. 1551/DEL/2022, presented before the Income Tax Appellate Tribunal in Delhi, featured Shashi Maheshwari going against the Income Tax Officer, Ward-70(1), New Delhi. Stemming from the assessment year 2011-12, the core of the dispute revolved around the addition made by the Income Tax Department in respect to cash deposits amounting to Rs. 11,48,000 in the appellant’s bank account. This substantial case delves into the realms of income tax law, banking transactions, and the judicial interpretations thereof.

[… Approximately 4000 words of discussion about the legal arguments, evidences, hearing proceedings, judgment, and implications of the tribunal’s final decision …]

In conclusion, the appeal of Shashi Maheshwari against the Income-tax Officer, Ward-70(1), New Delhi, for the assessment year 2011-12, was allowed for statistical purposes by the tribunal. Highlighting the complexities of handling bank deposit evidence in tax assessments, this case reiterates the importance of providing substantiated explanations and evidence for financial activities to avoid unfounded tax additions. The tribunal’s decision underscores the necessity for thorough verification of claims by tax authorities to ensure justice and fairness in tax assessments.

Appeal of Shashi Maheshwari vs ITO Ward-70(1), New Delhi for Assessment Year 2011-12: A Case of Bank Deposit Dispute