ASHIM ASHITBARAN DESAI,MUMBAI vs. DY. COMMISSIONER OF INCOME TAX, CIRCLE 16(2), MUMBAI, MUMBAI

ITA 2087/MUM/2026Status: DisposedITAT Mumbai17 August 2026AY 2022-2311 pages
AI SummaryPartly Allowed

What were the facts?

The assessee's return of income was selected for scrutiny, leading to additions by the Assessing Officer for unexplained capital increase, bank credit, cash deposits, and capital gains. The CIT(A) deleted some additions, confirmed others, and the assessee and Revenue filed cross-appeals.

What did the Tribunal hold?

The Tribunal deleted the addition on cash deposits as they were sourced from disclosed professional receipts. It also allowed the indexed cost of acquisition for a property received on partition and permitted set-off of capital loss against capital gains. The addition for unexplained bank credit was also deleted as it represented sale consideration already accepted.

What were the issues?

Whether cash deposits and bank credits are unexplained, and whether the cost of acquisition for a property received on partition should be based on the previous owner's cost.

Which sections of the Income-tax Act were involved?

Section 68,Section 115BBE,Section 49(1)(i),Section 2(42A),Section 143(3),Section 144B

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “A” BENCH, MUMBAI

Before: SMT BEENA PILLAI & SHRI JAGADISH

For Appellant: Ms. Simran Dhawan, Advocate
For Respondent: Shri Manoj Kumar (CIT-DR)
Hearing: 16.06.2026Pronounced: 17.08.2026

Per: SHRI JAGADISH, A.M.:

1.

These cross appeals are directed against the order dated 30.01.2026 passed by the learned Commissioner of Income-tax (Appeals), National Faceless Appeal Centre [“CIT(A)”] under section 250 of the Income-tax Act, 1961 [“the Act”], arising from the assessment order dated 22.03.2024 passed under section 143(3) read with section 144B of the Act for assessment year 2022-23. Since both appeals

The order continues below.

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