Case Number: ITA 2236/DEL/2022
Appellant: Kamal Kumar Jain, Delhi
Respondent: ITO, Ward-1(5), Baraut
Assessment Year: 2014-15
Case Filed on: 2022-09-14
Order Type: Final Tribunal Order
Date of Order: 2023-09-21
Pronounced On: 2023-09-21
This document provides a detailed examination of the legal proceedings and final decision in the appeal case between Kamal Kumar Jain and the Income Tax Officer, Ward-1(5), Baraut. The focus is on the assessment year 2014-15, involving issues related to income declaration and tax calculations.
The case addresses the appeals against the orders from the National Faceless Appeal Centre (NFAC) pertaining to the Assessment Years from 2013-14 to 2016-17. The primary question was the legality of the cash deposits reported in the appellant’s bank accounts and their tax implications.
The tribunal, led by Shri Shamim Yahya and Shri Anubhav Sharma, evaluated the merits of the case focusing on the appellant’s returns filed under section 44AD of the Income Tax Act, which pertains to presumptive income for businesses. The decision addressed discrepancies between the cash deposits and declared income, leading to a partial adjustment in the appellant’s taxable income.
The judgment clarified the application of the Income Tax Act’s presumptive income provisions and their implications for cash transactions within bank accounts. It provides significant insights into the interpretation of tax laws and the procedures followed by tax authorities and the tribunal in assessing and adjudicating such discrepancies.
Legal Case Review: Kamal Kumar Jain vs. ITO, Ward-1(5), Baraut for AY 2014-15
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