VIKASH SHARMA HUF,RANCHI vs. ITO WARD 3(2), RANCHI

ITA 231/RAN/2023Status: DisposedITAT Ranchi11 August 2026AY 2017-187 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the assessee failed to provide a satisfactory explanation for the source of the cash deposit, and the explanations offered appeared to be an afterthought without corroborative evidence. Therefore, the order of the CIT(A) was upheld.

What were the facts?

The assessee, Vikash Sharma HUF, deposited ₹2,00,00,000/- in its bank account during the demonetization period. The Assessing Officer added ₹1,94,00,000/- as unexplained money, as the HUF's declared income was significantly lower.

What were the issues?

Whether the cash deposit made by the HUF during demonetization was adequately explained by the assessee, and if not, whether it could be treated as unexplained money.

Which sections of the Income-tax Act were involved?

Section 69A

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, RANCHI BENCH, RANCHI

Before: SHRI PRADIP KUMAR CHOUBEY & SHRI RATNESH NANDAN SAHAY

For Appellant: Shri V.K. Jalan, A.R
For Respondent: Shri Sandipan Khan, Sr.DR
Hearing: 21/07/2026Pronounced: 11/08/2026

PER: RATNESH NANDAN SAHAY, A.M.

1.

This appeal by the assessee is directed against the order of the National Faceless Appeal Centre (NFAC), Delhi [in short, the ld. CIT(A)] dated 29/09/2023 for the Assessment Year (AY) 2017-18 wherein the assessee has raised following grounds of appeal:

"

1.

Under the facts and circumstances of thecae, the ld. CIT(A) erred in confirming the addition of Rs. 1,94,00,000/- made by the Ld. Assessing Officer, without appreciating the facts that the said cash deposit was duly explained by the assessee.

2.

Under the facts and circ

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 69A

All 15,297 judgments and leading authorities on Section 69A →

Recent GST High Court judgments

Search GST case law →