BALDEV SINGH S/O GAJJAN SINGH,TARN TARAN vs. THE INCOME TAX OFFICER, TARN TARAN

ITA 178/ASR/2016Status: DisposedITAT Amritsar21 February 2019AY 2010-119 pages
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What did the Tribunal hold?

The Tribunal held that the principle of consistency did not apply due to a significant difference in cash deposits compared to the previous year. Regarding agricultural income, the matter was remanded to the AO for a finding based on the previous year's assessment. For the cash deposits, the Tribunal estimated the shortfall in explanation and confirmed an addition.

What were the facts?

The assessee, engaged in finance business, deposited a significant amount of cash in his bank accounts during the assessment year 2010-11. The Assessing Officer treated the peak bank balance as unexplained income, making an addition to the assessee's total income. The CIT(A) granted partial relief.

What were the issues?

Whether the peak bank balance can be treated as unexplained income, and whether the principle of consistency applies to agricultural income when circumstances have changed.

Which sections of the Income-tax Act were involved?

Section 68,Section 69A

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Income Tax Appellate Tribunal, AMRITSAR BENCH, AMRITSAR (SMC

Before: SH. SANJAY ARORA

Hearing: 13.02.2019Pronounced: 21.02.2019

Per Sanjay Arora, AM: This is an Appeal by the Assessee agitating the Order by the Commissioner of Income Tax (Appeals)-1, Amritsar ('CIT(A)' for short) dated 29.01.2016, partly allowing the assessee’s appeal contesting his assessment u/s. 143(3) of the Income Tax Act, 1961 ('the Act' hereinafter) dated 15.03.2013 for the Assessment Year (AY) 2010-11. 2. The assessee, engaged in finance business, filed his return of income for the relevant year on 10.11.2010 admitting an income of Rs.1,68,900, besides agricultural income of Rs.1 lac. The assessee was found during assessment proceedings to have deposited cash in his bank account with ICICI bank (Rs.at Rs. 95.95 lacs) and HDFC Bank (at Rs.13.30 lacs) during the year. In ex

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