DANISH MASOOD MIR,BANDIPORA vs. ITO, BARAMULLA

ITA 317/ASR/2023Status: DisposedITAT Amritsar01 June 2026AY 2017-187 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal held that the demonetized currency deposits were part of the gross sale proceeds from the assessee's regular business. It directed the AO to estimate net profits at 6% of the gross sales, deleting the addition for unexplained SBN deposits.

What were the facts?

The assessee, engaged in retail electronic goods trading, deposited cash during demonetization and had other bank deposits. The AO made additions for unexplained credits and estimated business profits, as the assessee did not file an ITR or provide documentation. The CIT(A) dismissed the appeal ex-parte.

What were the issues?

Whether cash deposits during demonetization are unexplained credits, and whether the profit rate applied by the AO for business income is justified.

Which sections of the Income-tax Act were involved?

Section 69A,Section 115BBE,Section 144,Section 44AD,Section 250

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, AMRITSAR BENCH, AMRITSAR.

Before: SH. MANOJ KUMAR AGGARWAL & SH. UDAYAN DAS GUPTA

Hearing: 09.04.2026Pronounced: 01.06.2026

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 14.09.2023, which has emanated from the order of the AO, Baramulla, passed u/s 144 of the Act, dated 29.12.2019. 2. The grounds of appeal taken in Form 36 are as follows:

“1. That the Ld. A.O has passed the Ex parte assessment order u/s 144 of the Income tax act without giving an opportunity of being heard to the assesse. In the assessment order the Ld. A.O has treated the cash deposits amounting to Rs. 1014,500.00 during the demonetization period as unexplained credits u/s 69A r.w.s Assessment Year: 2017-18

The order continues below.

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