SMRUTI RANJAN NAYAK,BHADRAK vs. INCOME TAX OFFICER, BHADRAK WARD

ITA 445/CTK/2026Status: DisposedITAT Cuttack29 May 2026AY 2020-216 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal accepted the assessee's explanation, noting the discrepancy in the alleged payment date versus the agreement date and a similar case where such an explanation was accepted. The addition made by the AO was deemed unsubstantiated.

What were the facts?

The assessee, a salaried software engineer, purchased a flat and an excel sheet found during a search on the seller indicated a cash payment of Rs. 20,00,000/- by the assessee. The seller, Falcon Real Estate Pvt Ltd., provided a certificate stating they did not receive this cash amount.

What were the issues?

Whether the addition of Rs. 20,00,000/- as unexplained cash payment is justified based on an excel sheet found during a third-party search, despite a confirmation from the seller denying receipt of the cash.

Which sections of the Income-tax Act were involved?

Section 68

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

Per Bench This is an appeal filed by the assessee against the order passed by the Ld. CIT(A), National Faceless Appeal Centre (NFAC), Delhi order dated 26/02/2026 for the assessment year 2020-21. 2. Shri Digant Das, ld AR appeared for the assessee and Shri Vijaya Singh, ld Sr DR appeared for the revenue.

3.

It was submitted by ld AR that the assessee is an individual and also is a salaried software engineer. The assessee h

The order continues below.

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