MR. AJITKUMAR ROSHANLAL RANKA,NA vs. ARIVS.ACIT, NAVSARI CIRCLE, NAVSARI

ITA 1089/SRT/2024Status: DisposedITAT Surat21 August 2026AY 2016-1711 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal admitted additional evidence, including an affidavit from the accountant and a subsequent reversal entry, and restored the issue to the AO for fresh adjudication. The AO is to examine the accounting trail and reconciliation of the impugned credit.

What were the facts?

The assessee, engaged in share and F&O trading, declared a loss for AY 2016-17. The AO made additions for unexplained bank deposits and an unexplained credit of Rs. 59,98,888/- in the Capital Account, treating it as F&O closing stock adjustment.

What were the issues?

Whether the credit entry in the Capital Account for F&O closing stock adjustment was an unexplained credit or an erroneous accounting entry, and the applicability of Section 68.

Which sections of the Income-tax Act were involved?

Section 68,Section 28

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 Darshit J Naik, CA
For Respondent: Shri Ashish Kumar, Sr. DR
Hearing: 11.06.2026Pronounced: 21.08.2026

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

Feeling aggrieved by the order of first appeal dated 20.09.2024 passed by learned Commissioner of Income-Tax (Appeals)-NFAC, Delhi [“Ld. CIT(A)”], which in turn arises out of the assessment-order dated 14.12.2018 passed by learned ACIT, Navsari Circle, Navsari [“Ld. AO”] u/s 143(3) of Income-tax Act, 1961 [“the Act”] for Assessment-Year [“AY”] 2016-17, the assessee has filed this appeal. Mr. Ajitkumar Roshanlal Ranka

2.

The background facts leading to present appeal are as under:

(i) The assessee-individual is engaged in the activity of share trading, F&O trading,

The order continues below.

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