HIMAN JAYANTBHAI PARIKH,AHMEDABAD vs. THE ITO, WARD-3(3)(2), AHMEDABAD

ITA 420/AHD/2026Status: DisposedITAT Ahmedabad23 September 2026AY 2017-186 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal held that the AO did not provide cogent reasons for rejecting the books of accounts and applying an 8% net profit rate. The Tribunal also noted that additional evidence was filed for unsecured loans, requiring verification.

What were the facts?

The Assessing Officer (AO) treated cash deposits of Rs. 37,63,000/- during demonetization and unsecured loans of Rs. 40,81,000/- as unexplained. The AO also rejected the assessee's books of accounts and estimated income at 8% net profit rate, leading to a total income addition of Rs. 1,41,59,920/-.

What were the issues?

Whether the cash deposits during demonetization were unexplained, whether the rejection of books of accounts and estimation of profit were justified, and whether unsecured loans were properly substantiated.

Which sections of the Income-tax Act were involved?

Section 68,Section 143(3),Section 270A,Section 271AAC

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “A” BENCH, AHMEDABAD

Before: SHRI SANJAY GARG & SHRI NARENDRA PRASAD SINHA

For Appellant: Shri Parin Shah, AR
For Respondent: Shri Amit Pratap Singh, SR-DR
Hearing: 15.07.2026Pronounced: 23.09.2026

PER NARENDRA PRASAD SINHA, ACCOUNTANT MEMBER:

This appeal is filed by the Assessee against the order of National Faceless Appeal Centre (NFAC), Delhi [hereinafter referred to as “CIT(A)”] dated 24.12.2025 for the Assessment Year (A.Y.) 2017-18 in the proceeding u/s 143(3) of the Income Tax Act [hereinafter referred as “The Act”].

2.

The brief facts of the case are that the assessee had filed his return of income for A.Y 2017-18 on 30.10.2017 declaring total income of Rs. 10,91,980/-. The case was selected for complete scrutiny under CASS. In Himan Jayantbhai Parikh Vs ITO, AY- 2017-18 2 the course of assessment, the AO had noticed that the assessee had made cash

The order continues below.

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