RAM KISHORE,DELHI vs. INCOME TAX OFFICER, WARD 35(6), NEW DELHI
Income Tax Appellate Tribunal, DELHI BENCH ‘SMC’, NEW DELHI
Before: Sh. Satbeer Singh Godara
This assessee’s appeal for Assessment Year 2017-18, arises against the CIT(A)/NFAC, Delhi’s DIN & order No.
ITBA/NFAC/S/250/2023-24/1062363422(1) dated 11.03.2024, in proceedings u/s 143(1) of the Income Tax Act, 1961 (in short “the Act”).
Heard both the parties at length. Case file perused.
A perusal of the instant case file at the outset that both the learned lower authorities have added the assessee’s cash deposits of Rs.15,40,000/- as unexplained/undisclosed; in the course of assessment framed on 23.12.2019 and upheld in the lower appellate discussion.
1 This is what leaves the assessee aggrieved. Ram Kishore
2
4. I have given my thoughtful consideration to the assessee’s and the Revenue’s respective vehement submissions against and in support of the impugned addition. The assessee is admittedly engaged in trading business involving narrow-woven fabrics items which has gone undisputed from the revenue side.
That being the case, the only inference which could be drawn in the given facts is that the impugned cash deposits represent his business income although specifically reconciled to the entire satisfaction of both the learned authorities. It is thus deemed appropriate in these peculiar facts and circumstances of the case that a lump sum addition of profit element of Rs.1,50,000/- only would be just and proper with a rider that the same shall not be treated as a precedent. The assessee gets relief of Rs.13,90,000/- in other words.
Necessary computation shall follow as per law.
So far as assessee’s assessment under Section 115BBE is concerned, we quote S.M.I.L.E Microfinance Limited Vs. The ACIT CC-1 in W.P.(MD) No.2078 of 2020 & W.M.P. (MD) No. 1742 of 2020 held that the said provision applied for transactions done on or after 01.04.2017 only. Ram Kishore
3
6. This assessee’s appeal is partly allowed in above terms.
Order Pronounced in the Open Court on 24/06/2025. (Satbeer Singh Godara)
Judicial Member
Dated: 24/06/2025
*Subodh Kumar, Sr. PS*