SHRI RAFIQ AHMAD KHAN,SRINAGAR vs. INCOME TAX OFFICER WARD-1, SRINAGAR

ITA 495/ASR/2024Status: DisposedITAT Amritsar25 June 2026AY 2017-185 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal acknowledged that the assessee is engaged in the electrical goods trading business, covered by Section 44AD. It directed the AO to compute business profits at 8% of the gross sales of Rs. 35 lakhs, deleting the addition under Section 69A.

What were the facts?

The assessee deposited Rs. 12.99 lakhs in cash (SBN) during the demonetization period. The Assessing Officer (AO) made an addition of this amount under Section 69A and also determined business profits on other bank deposits. The First Appellate Authority sustained the addition.

What were the issues?

Whether the cash deposits during demonetization were unexplained income or sale proceeds of the assessee's trading business. The validity of the addition made by the AO under Section 69A.

Which sections of the Income-tax Act were involved?

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

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, AMRITSAR BENCH, AMRITSAR

Before: AND SH. UDAYAN DASGUPTA

For Appellant: Smt. Ratinder Kaur, Sr. D. R
Hearing: 08.04.2026Pronounced: 25.06.2026

Per Udayan Dasgupta, J.M.:

1.

This appeal is filed by the assessee against the order of the Ld CIT ( A ) NFAC , Delhi dated 04/06/2024 passed u/s 250 of the Income Tax Act, 1961( henceforth the Act ) which has emanated from the order of the ITO , Ward 2, Srinagar, passed u/s 144 of the Act, 1961 dated 29/12/2019. ITA.No. 495/ASR/2024 Assessment Year 2017-18 4

2.

Condonation of Delay : This appeal is filed belatedly by twenty six days and the assessee has filed an application requesting for condonation on the ground that the assessee being financially constrained was not able to deposit the ITAT fees ( tribunal fees ) within the stipulated time frame of s

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 69A

All 15,297 judgments and leading authorities on Section 69A →

Recent GST High Court judgments

Search GST case law →