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Income Tax Appellate Tribunal, DELHI BENCH: “SMC” NEW DELHI
Before: SHRI SATBEER SINGH GODARA
Date of hearing 05.06.2025 Date of pronouncement 05.06.2025 ORDER This assessee’s appeal for assessment year 2011-12, 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/250/2024-25/1073474100(1), dated 19.02.2025 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.
Coming straightway to the assessee’s sole substantive grievance raised in the instant appeal seeking to reverse both the learned lower authorities’ action treating his cash deposits of Rs. 30.01 lakhs as unexplained, it emerges at the outset from a perusal of the bank statement at page 8 that he had inter alia withdrawn Rs.40 lakhs in cash followed by redeposits of Rs.30 lakhs, which forms subject matter of adjudication.
This being the clinching factual position, the tribunal is of the considered view that the assessee’s impugned cash deposits are nothing but his previous cash withdrawals made a day earlier; and, therefore, no merit is found in the learned lower authorities’ action invoking section 68/69 of the Act. Deleted accordingly.