SIDDHIVINAYAK MINERALS RESOURCES PRIVATE LIMITED,KATNI vs. INCOME TAX OFFICER, WARD,1, KATNI

ITA 13/JAB/2025Status: DisposedITAT Jabalpur20 August 2026AY 2017-185 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal set aside the impugned order and restored the matter to the AO. The AO is directed to verify the genuineness of the cash sales by making necessary inquiries from the purchasers and decide the issue afresh after providing a reasonable opportunity to the assessee.

What were the facts?

The assessee company declared a total income of Rs.89,980/-. The Assessing Officer (AO) made an addition of Rs.47,25,915/- under Section 69A for alleged unexplained cash receipts from various parties, and an additional Rs.51,079/- due to balance differences. The CIT(A) upheld these additions.

What were the issues?

Whether cash receipts from parties, confirmed by them, can be treated as unexplained money when the assessee claims they are from normal business transactions and are duly accounted for.

Which sections of the Income-tax Act were involved?

Section 69A,Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, JABALPUR BENCH “SMC”, JABALPUR

Before: SHRI KUL BHARAT

For Appellant: Shri Manoj Jain, CA
For Respondent: Shri N. M. Prasad, Sr. CIT(DR) - 1

PER KUL BHARAT, VICE PRESIDENT.:

This appeal, by the assessee, is directed against the order of the Learned Commissioner of Income-tax (Appeals)/National Faceless Appeal Centre (NFAC) dated 21.09.2023 pertaining to the assessment year 2017-18. The assessee has raised the following grounds of appeal: -

“1. Under the facts and in the circumstances of the case, learned CIT(Appeals) erred, in confirming addition of Rs.3420616/- received from M/s Kanha Trading Co. as unexplained money in the, hand assessee while appellant is a company , its accounts are duly audited ;all receipts are in the normal course of business and appellant

The order continues below.

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