ANANDKUMAR RAGHUBIRSINGH JAIN,SURAT vs. ACIT, CIRCLE 2(1)(1), SURAT

ITA 986/SRT/2025Status: DisposedITAT Surat10 August 2026AY 2017-187 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the assessee had sufficiently explained the cash deposit with documentary evidence of opening cash balance and subsequent cash flows. The AO had not pointed out any specific defects or brought contrary material on record to dislodge the assessee's explanation.

What were the facts?

The assessee deposited Rs. 15,20,000/- in cash during the demonetization period. The Assessing Officer (AO) treated this deposit as unexplained income under Section 69A, and the CIT(A) upheld this addition. The assessee provided a detailed cash flow statement for the preceding period, showing sufficient cash in hand.

What were the issues?

Whether the cash deposit during demonetization is unexplained income when the assessee provides a detailed cash flow statement with an accepted opening balance from the previous year.

Which sections of the Income-tax Act were involved?

Section 69A

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, SURAT BENCH, SURAT

Before: MS. SUCHITRA KAMBLE & SHRI B.M. BIYANI

For Appellant: Shri Ramesh Goyal, CA
For Respondent: Shri Ashish Kumar, Sr. DR
Hearing: 08.06.2026Pronounced: 10.08.2026

Per B.M. Biyani, A.M.:

Feeling aggrieved by the order of first appeal dated 10.07.2025 passed by learned Commissioner of Income-Tax (Appeals)-Addl/JCIT(A), Thane [“Ld. CIT(A)”], which in turn arises out of the assessment-order dated 26.12.2019 Anandkumar Raghubirsingh Jain passed by learned ACIT, Circle-2(1)(1), Surat [“Ld. AO”] u/s 143(3) of Income-tax Act, 1961 [“the Act”] for Assessment-Year [“AY”] 2017-18, the assessee has filed this appeal on following grounds:

“1. The Ld CIT(A) has erred on the facts of the case and in law in confirming the addition made by AO of Rs. 15,20,000/- on account of cash deposit

The order continues below.

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