SANJAY KUMAR AGRAWAL,HAZARIBAGH vs. ITO WD-2(1), HAZARIBAGH

ITA 216/RAN/2016Status: DisposedITAT Ranchi09 January 2019AY 2004-052 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal found no merit in the lower authorities' decision as there was no addition made in the donors' hands regarding the cash deposits or their cash in hand. Therefore, the addition made to the assessee's income was directed to be deleted.

What were the facts?

The assessee received six gifts totaling Rs. 7.85 lakhs from various individuals. The lower authorities treated these gifts as unexplained cash credits, citing cash deposits in the donors' accounts preceding the gifts.

What were the issues?

Whether the gifts received by the assessee were genuine and creditworthy, or if they constituted unexplained cash credits due to preceding cash deposits in the donors' accounts.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, RANCHI BENCH “SMC”, RANCHI

Before: SH. S.S.GODARA

Hearing: 07.01.2019Pronounced: 09.01.2019

PER SH. S.S.GODARA, JUDICIAL MEMBER This assessee’s appeal for AY 2004-05 arises against the order dated 31.05.2016 passed by the CIT(A), Hazaribagh in Appeal No.09/2009- 10/214/JSR/2006-07 in proceedings u/s 143(3) of the Income tax Act, 1961 (in short “the Act”). Heard both the parties. Case file perused.

2.

Learned Counsel states during the course of hearing that the assessee’s sole substantive ground raised in the instant appeal challenges correctness of both the lower authorities’ action treating six gifts from Smt. Pushpa Basaevala, Sh. VIkash Basaevala, Sh. Ranjit Kumar Gupta, Sh. Jeeut Prasad Jain, Sh. Sohan Lal Jain & Sh. Jugal Kishore Gupta to Rs.90,000/-, 45,000/-, 1,50,000/-, 1,50,000/-, 1,50,000/- & 2,00,000/- respectively to be unexplained cash credit lacking

The order continues below.

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