SHEO PRASAD MATHUR,AURANGABAD vs. ITO WARD 3(3), AURANGABAD

ITA 195/PAT/2026Status: DisposedITAT Patna20 July 2026AY 2018-20194 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal noted that the assessee took a term loan but also runs a small Kirana shop. Accepting the assessee's counsel's submission, the Tribunal confirmed an addition of Rs. 2,00,000/- on an estimated basis.

What were the facts?

The assessee's case was reopened due to unexplained credits in his bank account and investment in shares. The Assessing Officer treated Rs. 7,02,308/- as unexplained income under Section 69A for want of proper explanation regarding cash deposits.

What were the issues?

Whether the entire amount credited to the bank account was unexplained income, or if it was partly attributable to a loan and the assessee's business.

Which sections of the Income-tax Act were involved?

Section 69A,Section 139,Section 147,Section 148,Section 44AA

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, PATNA “SMC” BENCH

Before: SHRI LAXMI PRASAD SAHU & SHRI YOGESH KUAMR U.S.

For Appellant: Shri Ajay Rastogi and Shri Rakesh
For Respondent: Shri Ravi Kant, Sr. DR
Hearing: 29.06.2026Pronounced: 20.07.2026

PER LAXMI PRASAD SAHU, ACCOUNTANT MEMBER:

This Appeal is filed by the Assessee against the order of the NFAC, Delhi [“the Ld. CIT(A)”, for short], dated 17.03.2026 passed u/s 250 of the Income Tax Act, 1961 (“the Act”, for short) for the Assessment Year 2018-19, challenging the addition of Rs.72,308/- made u/s 69A of the Act.

2.

Brief facts of the case are that, the assessee filed return of income u/s 139 of the Act, declaring income of Rs.4,34,920/-. The case was reopened u/s 147 of the Act for the reason “investment in Sheo Prasad Mathur; A.Y.: 2018-19 share and unexplained credit in his bank account”. Accordingly, notice u/s 148 of the Act was issu

The order continues below.

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