SRIGADHI ASHVANTH KUMAR,HYDERABAD vs. ITO, WARD -9(1), HYDERABAD

ITA 1566/HYD/2026Status: DisposedITAT Hyderabad23 September 2026AY 2017-201810 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the cash deposits were reasonably explained by the assessee's disclosed business receipts and past savings. The utilization of the deposits for purchasing gold further supported the explanation. Therefore, the addition under Section 69A was not sustainable.

What were the facts?

The assessee deposited Rs. 42,75,000/- in cash during the demonetization period. The Assessing Officer treated this as unexplained money under Section 69A, and the CIT(A) upheld the addition. The assessee is a goldsmith who explained the deposits as business receipts and past savings.

What were the issues?

Whether cash deposits made during demonetization, which are claimed to be business receipts and past savings, can be treated as unexplained money under Section 69A when the business turnover has been accepted.

Which sections of the Income-tax Act were involved?

Section 69A,Section 44AD,Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, Hyderabad ‘ SMC ‘ Bench, Hyderabad

Before: Shri Vijay Pal Rao, Vice-Shri Madhusudan Sawdia

Hearing: 25/08/2026

Per Madhusudan Sawdia, A.M.:

This appeal is filed by Shri Srigadhi Ashvanth Kumar (“the assessee), feeling aggrieved by the order passed by the Learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi (“Ld. CIT(A)”) dated 10.02.2026 for the A.Y.2017-18. 2. The assessee has raised the following grounds of appeal:

“1. The order of the learned Authorities below in so far as it is against the Appellant is opposed to law, weight of evidence, natural justice, probabilities, facts and circu

The order continues below.

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