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Facts
The assessee's case was reopened under Section 148 due to cash deposits of Rs. 16,64,000/- in a savings account during FY 2011-12. The Assessing Officer added this amount as unexplained cash credit, which was upheld by the First Appellate Authority. The assessee is a small agriculturist.
Held
The Tribunal held that the addition solely based on cash deposits, without considering the cash withdrawals made earlier in the same year for agricultural purposes, is not sustainable. The Tribunal found that the deposits were linked to withdrawals for agricultural activities.
Key Issues
Whether cash deposits in a bank account can be added as unexplained income without considering concurrent withdrawals for agricultural purposes.
Sections Cited
148, 143(3)
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, DELHI BENCH “SMC’’ : NEW DELHI
Asstt. Year : 2012-13 Vikram Singh, vs. Income Tax Officer, E-296, Dabua Colony Shanti Ward 2(5), New CGO Vidhya Niketan School, Complex, NH-IV, NIT NIT Faridabad Faridabad, Haryana (PAN: ASFPB1501J) (Appellant) (Respondent) Appellant by : None Respondent by : Shri Sangeet Bansal, Sr. DR. Date of Hearing 04.08.2025 Date of Pronouncement 04.08.2025 ORDER This appeal has been filed by the Assessee against the order dated 08.04.2025 passed by the Addl/JCIT(A)-2, Mumbai for the assessment year 2012-13.
Brief facts of the case are that the assessee’s case was opened u/s. 148 on account of cash deposits made in his saving bank account amounting to Rs. 16,64,000/- during the FY 2011-12. The assessee filed its income tax return for the assessment year 2012-13 in response to notice u/s. 148 declaring income of Rs.177200/- as rental income and against which the Assessing Officer made an addition of Rs. 16,64,000/- on account of unexplained cash credits in the saving account. However, in appeal, Ld. First Appellate Authority dismissed the appeal of the assessee. Against the above, assessee appealed before the Tribunal.
None appeared on behalf of the assessee, despite issue of notice for hearing. Hence, I am proceeding the appeal exparte qua the assessee, after hearing the ld. DR and perusing the records.