NEELAMSETTI SATYANARAYANA,RAJAHMUNDRY vs. ACIT,CENTRAL CIRCEL -2, RAJAHMUNDRY

ITA 132/VIZ/2026Status: DisposedITAT Visakhapatnam10 September 2026AY 2023-2414 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal held that the opening cash balance and cash sales supported by confirmations and corroborative evidence are explained. However, the remaining cash sales were not supported by satisfactory evidence and were sustained as an addition.

What were the facts?

The assessee explained seized cash of Rs. 61,46,780/- as accumulated from cash sales. The Assessing Officer made an addition under Section 68, which the CIT(A) partly sustained after deleting some amounts confirmed by buyers.

What were the issues?

Whether cash sales are sufficiently explained to avoid addition under Section 68, and the reliability of buyer statements for substantiating cash transactions.

Which sections of the Income-tax Act were involved?

Section 68,Section 131,Section 132A,Section 143(3),Section 250

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, VISAKHAPATNAM DB-BENCH, VISAKHAPATNAM

Before: SHRI VIJAY PAL RAO & SHRI MANJUNATHA G

Pronounced: 10.09.2026

PER VIJAY PAL RAO, VICE PRESIDENT :

This appeal by the Assessee is directed against the Order dated 23.12.2025 of the learned CIT(A), Visakhaptnam-3, Visakhapatnam for the assessment year 2023-2024. 2. The Assessee has raised the following grounds of appeal:

1) “Ground

The order continues below.

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