SURESHKUMAR BHIKALAL THAKKAR,AHMEDABAD vs. THE ITO, WARD 1(2)(4), AHMEDABAD

ITA 1892/AHD/2025Status: DisposedITAT Ahmedabad22 September 2026AY 2017-185 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the cash deposit was likely due to the compulsion of demonetization, not necessarily indicative of undisclosed income. The assessee's explanation of cash sales and comparison with previous years' data supported the genuineness of the cash.

What were the facts?

The assessee deposited Rs. 30,00,000/- in cash into his bank account during the demonetization period. The Assessing Officer treated this as income from undisclosed sources, citing a discrepancy in reported cash sales and increased deposits during November 2016.

What were the issues?

Whether the cash deposits made during the demonetization period, claimed to be from cash sales, constitute unexplained income under Section 68 of the Income Tax Act.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “SMC” BENCH, AHMEDABAD

Before: SHRI SANJAY GARG & SHRI GANGADHAR PANDA

For Appellant: Shri Dipen Sukhadia, AR, Smt. Ananya Kulshresth, Sr. D.R
For Respondent: Smt. Ananya Kulshresth, Sr. D.R
Hearing: 18/08/2026Pronounced: 22/09/2026

Per Sanjay Garg, Judicial Member:

The present appeal has been filed by the assessee against the order of the Ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (hereinafter referred to as “NFAC”), Delhi (hereinafter referred to as “CIT(A)”), dated 07.08.2025 passed under Section 250 of the Income Tax Act, 1961 (hereinafter referred to as the “Act”) and relates to Assessment Year (A.Y.) 2017-18. ITA No.1892/Ahd/2025 [Sureshkumar Bhikalal Thakker vs. ITO] A.Y. 2017-18 - 2 –

2.

The assessee, in this appeal,

The order continues below.

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