ASIF,MUZAFFARNAGAR vs. INCOME TAX OFFICER, WARD-3(1)(1), MUZAFFARNAGAR

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ITA 4358/DEL/2025Status: DisposedITAT Delhi21 August 2025AY 2012-133 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal found merit in the assessee's argument that the entire amount was not unexplained. It directed the Assessing Officer to consider only Rs. 65,000/- as unexplained, representing the peak amount after considering re-deposits.

What were the facts?

The assessee's appeal concerns the assessment year 2012-13, challenging the addition of Rs. 10,39,500/- as unexplained cash deposits. The assessee had filed a bank statement showing multiple deposits and withdrawals.

What were the issues?

Whether the entire cash deposits of Rs. 10,39,500/- were unexplained, or if the peak credit method should be applied to a portion of the deposits.

Which sections of the Income-tax Act were involved?

Section 147,Section 144

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Income Tax Appellate Tribunal, DELHI BENCH: SMC NEW DELHI

Before: SHRI SATBEER SINGH GODARA

For Appellant: Adv. |
For Respondent: DR |

IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI BENCH: "SMC" NEW DELHI

BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER

ITA No.4358/Del/2025 Assessment Year: 2012-13

Sh. Asif, 2-Anad Vihar, Lane No.1, Circular Road, | Vs. | Income Tax Officer, Ward-3(1)(1), Muzaffarnagar Muzaffarnagar PAN: AIEPA3135G (Appellant) | (Respondent)

Assessee by | Sh. Ankit Gupta, Adv. Department by | Sh. Manoj Kumar, Sr. DR

Date of hearing | 21.08.2025 Date of pronouncement | 21.08.2025

ORDER

This assessee's appeal for assessment year 2012-13, arises against the Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre [in short, the "CIT(A)/NFAC"], Delhi's DIN and order no. ITBA/NFAC/S/250/2024-25/1066116825(1), dated 27.06.2024 involving proceedings under section 147 r.w.s. 144 of the Income-tax Act, 1961 (hereinafter referred to as 'the Act').

Heard both the parties. Case file perused.

2.

Delay of 314 days in filing of the instant appeal is condoned in the larger interest of justice and in light of Collector Land Acquisition vs. Mst. Katiji & Ors (1987) 167

ITR 471 (SC).

3.

Coming to the assessee's sole substantive grievance raised in

the instant appeal against both the learned lower authorities'

action treating his cash deposits of Rs.10,39,500/- as unexplained,

a perusal of the case records indicates that he has filed his bank

statement of the relevant financial year indicating multiple deposits

and withdrawals followed by re-deposits wherein the peak amount

comes to Rs. 65,000/- only. Meaning thereby that it is an instance

of multiple withdrawals and re-deposits which could not have been

added in entirety in assessee's hands as unexplained. That being

the case, the tribunal's finds merit in the assessee's arguments to

this limited extent and hereby directs the learned Assessing Officer

to assess only an amount of Rs.65,000/-as unexplained to be

followed by his consequential computation as per law.

4.

This assessee's appeal is partly allowed.

Order pronounced in the open court on 21st August, 2025

Sd/- (SATBEER SINGH GODARA) JUDICIAL MEMBER

Dated: 21st August, 2025.

RK/-

Copy forwarded to:

1.

Appellant

- 2. Respondent - 3. CIT - 4. CIT(A) - 5. DR

Asst. Registrar, ITAT, New Delhi

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