PANKAJ MAHESHWARI,GUWAHATI vs. CENTRAL CIRCLE-2, GUWAHATI

ITA 124/GTY/2026Status: DisposedITAT Guwahati19 June 2026AY 2023-248 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the addition of ₹5,00,000/- as unexplained money. The assessee's shifting explanations and lack of credible evidence failed to rebut the presumption arising from the seized document.

What were the facts?

During a search, a document 'AK-01' was seized, indicating a cash transaction of ₹5,00,000/- with the assessee. The assessee initially claimed it was a gift, then a loan of ₹5,000/-, and later tried to justify it as a loan with interest.

What were the issues?

Whether the assessee provided sufficient evidence to explain the cash transaction of ₹5,00,000/- indicated in the seized document, and if the shifting claims made by the assessee were acceptable.

Which sections of the Income-tax Act were involved?

Section 69A,Section 132,Section 292C

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, GUWAHATI ‘DB’ BENCH AT KOLKATA

Before: SHRI YOGESH KUMAR US & SHRI RAKESH MISHRA

PER RAKESH MISHRA, ACCOUNTANT MEMBER:

This appeal filed by the assessee is against the order of the Commissioner of Income Tax (Appeals)-Central NER, Guwahati [hereinafter referred to as Ld. 'CIT(A)'] passed u/s 250 of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) for AY 2023-24 dated 13.01.2026. 2. The assessee is in appeal before the Tribunal raising the following grounds of appeal:

"

1.

For that impugned order of appeal passed by the Commissioner of Income Tax (Appeal) is bad in law as well as on facts and procedure.

2.

For that the Learned CIT(A) is not justified in making an addition of Rs 5,00,000/- to total income as unexplained money u/s 69A. 3.

The order continues below.

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