BOLLA VARA LAKSHMI,PALAKOL vs. INCOME TAX OFFICER, WARD-1, PALAKOL

ITA 121/VIZ/2026Status: DisposedITAT Visakhapatnam24 July 2026AY 2017-1818 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the Assessing Officer did not provide evidence of the utilization of the withdrawn funds. Considering the totality of the facts, the Tribunal allowed the assessee's explanation for the redeposited cash.

What were the facts?

The assessee, a senior citizen, deposited Rs. 34.46 lakhs in cash during the demonetization period. She claimed this was from earlier cash withdrawals kept as an emergency fund, supported by her medical history and children living abroad.

What were the issues?

Whether the cash deposited during demonetization, claimed to be from earlier withdrawals kept as an emergency fund, is unexplained income under Section 69A, despite a mismatch in note denominations.

Which sections of the Income-tax Act were involved?

Section 69A,Section 143(3),Section 250

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, VISAKHAPATNAM BENCH,

Before: SHRI UDAYAN DAS GUPTA, HON’BLE & SHRI OMKARESHWAR CHIDARA, HON’BLE ACCOUNTANT

PER UDAYAN DAS GUPTA, JUDICIAL MEMBER:

This appeal is filed by the assessee against order of the Learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi 1

ITA 121/VIZ/2026 BOLLA VARA LAKSHMI

[hereinafter in short “Ld. CIT(A)”] passed under section 250 of Income Tax Act, 1961 [hereinafter in short “the Act”] dated 01.01.2026 which has emanated from the order of the Ld. A

The order continues below.

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