MOHAMMAD ASHRAF DAR,HARWAN SRINAGAR vs. INCOME TAX OFICER WARD-2, SRINAGAR

ITA 564/ASR/2025Status: DisposedITAT Amritsar24 July 2026AY 2017-184 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal condoned the delay in filing the appeal. It directed the AO to adopt a net profit percentage of 6% on gross receipts, considering the destruction of business records by fire, and deleted the addition under Section 69A.

What were the facts?

The assessee deposited Rs. 11.72 lakhs in cash during demonetisation. The AO made additions for this deposit and estimated business profits, completing the assessment ex-parte. The CIT(A) dismissed the appeal due to non-compliance.

What were the issues?

Whether the addition for unexplained cash deposits during demonetisation is justified, and what is a fair profit rate for the business given the destruction of records.

Which sections of the Income-tax Act were involved?

Section 144,Section 69A,Section 250

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, AMRITSAR BENCH, AMRITSAR.

Before: SH. S. RIFAUR RAHMAN & SH. UDAYAN DAS GUPTA

Hearing: 20.07.2026Pronounced: 24.07.2026

Per: Udayan Dasgupta, JM: This appeal is filed by the assessee against the order of ld. CIT(A), NFAC, Delhi, passed u/s 250 of the IT Act, 1961, dated 31.05.2024, which has emanated from the order of the AO, NFAC, passed u/s 144 of the Act, dated 22.12.2019. 2. Condonation of Delay : It is pointed out by the Registry that this appeal is filed belatedly by 344 days (three hundred fourty four days). The assessee has filed application of condonation of delay stating that the fact that the tax consultant entrusted with the handling of tax related matters has failed to inform the assessee regarding the order already passed by the ld. CIT(A) and as such, the appeal was totally unaware of the outcome of proceedi

The order continues below.

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