NEERAJ SHARMA,GAUTAM BUDH NAGAR vs. ITO WARD-5(2)(3), NOIDA

It emerges during the course of hearing that the assessee is aggrieved against both the learned lower authorities’ action treating his cash deposits of Rs.30.85 lakhs as unexplained in assessment order dated 03.12.2019 and upheld in the lower appellate discussion. 3. Faced with this situation, learned counsel has invited the bench’s attention to the assessee’s detailed explanation all along that his father had given him cash gifts of Rs.27 lakhs as he had sold various immovable properties in the relevant previous year and the balance amount represents sales turnover in cloths trading business. Our attention is further invited to the assessee’s detailed paper-book running into 82 pages compiling all the relevant records. The Revenue has chosen to strongly support both the learned lower authorities’ respective findings making the impugned addition. 4. We have given our thoughtful consideration to the above vehement submissions reiterating the rival stands of both the parties. We find a part merit in the assessee’s case as not only he has proved himself as against the above trading activity in cloth retail business but also his farther appears to have executed 3 | P a g e various sale deeds in the relevant financial year wherein at least some cash component could not be altogether ruled out, although not specifically proved before the learned lower authorities. Be that as it may, we thus deem it appropriate in the larger interest of justice that a lumpsum addition of Rs. 3 lakhs only would be just and proper with the rider that the same shall not be treated as a precedent. The assessee gets relief of Rs.27.85 lakhs in other words. Necessary computation shall follow as per law.