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Income Tax Appellate Tribunal, HYDERABAD ‘ SMC’ BENCH : Hyderabad
Before: SHRI S.S. GODARA
Date of Hearing : 23/03/2021 Date of Pronouncement : 30/03/2021 O R D E R This assessee’s appeal for A.Y. 2018-19 arises against the Commissioner of Income Tax (Appeals) ‘[CIT(A)]’ - 3 Hyderabad’s order dated 31.08.2020 passed in case no.10257/2019-20 in proceedings u/s 143(3) of the Income Tax Act, 1961 [in short ‘the Act’].
Heard both the parties. Case file perused.
Coming to the sole substantive grievance that learned lower authorities have erred in law in treating cash deposits of Rs.6,30,000/- as unexplained; I notice at the outset in page 7 of assessee’s paper book containing the tax payer’s cash account that his opening balance as on 01.04.2016 was Rs.4,83,957/-. This clinching fact has gone unrebutted from department side. The fact also remains assessee has not been able to explain the source of remaining cash deposit amounting to Rs.1,47,000/- I therefore direct the Sri Murali Golla, Nalgonda. Assessing Officer to delete the impugned addition to the extent of opening cash balance of Rs.4,83,957/-. Remaining component of the impugned addition shall stand confirmed. Necessary computation will follow as per law.
This assessee’s appeal is partly allowed in above terms. Order pronounced in Open Court on 30/03/2021.