DUGGINNIGARI SUBRAMANIYAM NAIDU,TIRUPATI vs. ACIT., CIRCLE - 1(1), TIRUPATI

ITA 1443/HYD/2025Status: DisposedITAT Hyderabad13 March 2026AY 2017-18Bench: the Ld. AO.1 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the assessee had provided sufficient explanation for the cash deposits, supported by cash books and bank statements, including prior withdrawals and HUF accounts. Therefore, the addition made by the AO and upheld by the CIT(A) was not justified.

What were the facts?

The assessee made significant cash deposits into bank accounts during the assessment year 2017-18. The Assessing Officer (AO) treated a substantial portion of these deposits as unexplained cash credit, as the assessee's declared sales were lower than the deposits.

What were the issues?

Whether cash deposits into bank accounts can be treated as unexplained cash credit under Section 68 when the assessee provides explanations supported by documentary evidence, including HUF accounts and prior withdrawals.

Which sections of the Income-tax Act were involved?

Section 68,Section 115BBE

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, Hyderabad “B” Bench, Hyderabad

For Appellant: Dr. Sachin Kumar, Sr. A.R

PER MANJUNATHA G., A.M : This appeal filed by the assessee is directed against the order of the learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre [in short “NFAC”], Delhi, dated 03.07.2025, pertaining to the assessment year 2017-18. 2 Dugginnigari Subramaniyam Naidu

2.

The grounds raised by the assessee read as under : “1.

The order continues below.

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