MOHIT SHETH,CUTTACK vs. DCIT, CIRCLE-1(1), CUTTACK

ITA 232/CTK/2026Status: DisposedITAT Cuttack29 May 2026AY 2017-185 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the AO erred in not considering gifts received by the assessee, especially when evidence was produced and assessments for earlier years were not open. The Tribunal accepted the gifts and the assessee's cash flow.

What were the facts?

The assessee, a tax consultant, deposited Rs. 40 lakhs during demonetization. The Assessing Officer (AO) made an addition of Rs. 18,28,000/- to the returned income, partly by not considering gifts received by the assessee.

What were the issues?

Whether gifts received by the assessee were genuine and should be considered for cash flow during the assessment year, and if the AO wrongly disallowed them.

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, CUTTACK BENCH CUTTACK

Before: S/SHRI GEORGE MATHAN & RAJESH KUMAR

Hearing: 29/05/2026Pronounced: 29/05/2026

This is an appeal filed by the assessee against the order passed by the Ld. JCIT(A)-2, Bengaluru order dated 05/03/2026 for the assessment year 2017-18. 2. Shri Mohit Sheth appeared in person and Shri Vijaya Singh, ld Sr DR appeared for the revenue.

3.

It was submitted that the assessee is a tax consultant. It was the submission that the assessee had deposited Rs.40 lakhs in the bank account of the assessee during the demonetization pe

The order continues below.

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