KUMAR NAVEENRAJ,NAMAKKAL vs. ITO, WARD-2,, NAMAKKAL

ITA 3130/CHNY/2024Status: DisposedITAT Chennai23 April 2025AY 2017-18Bench: SHRI ABY T. VARKEY (Judicial Member), SHRI AMITABH SHUKLA (Accountant Member)1 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the assessee had discharged the burden of proving the nature and source of the SBNs deposited, which were in his possession before 08.11.2016. The addition made under Section 69A of the Act was found to be unwarranted.

What were the facts?

The assessee, a service provider for transport operators, filed its return of income. The AO noted a deposit of Rs.4,32,000/- in Specified Bank Notes (SBNs) during the demonetization period and asked for its explanation. The assessee explained that the cash was collected from transport operators for remitting road tax and related charges on their behalf, with a commission earned.

What were the issues?

Whether the addition made under Section 69A for unexplained deposits of SBNs during the demonetization period is sustainable when the assessee provided a plausible explanation for the source of funds.

Which sections of the Income-tax Act were involved?

Section 69A,Section 2(1)(a),Section 3

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, ‘A’ BENCH: CHENNAI

Before: SHRI ABY T. VARKEY & SHRI AMITABH SHUKLA

Hearing: 20.02.2025Pronounced: 23.04.2025

PER ABY T. VARKEY, JM: This is an appeal preferred by the assessee against the order of the Learned Commissioner of Income Tax (Appeals)/Addl./JCIT(A)-7,

(hereinafter referred to as “the Ld.CIT(A)”), Mumbai, dated 10.10.2024

for the Assessment Year (hereinafter referred to as "AY”) 2017-18. 2. The main grievance of the assessee is against the action of the Ld.CIT(A) confirming the addition made u/s.69A of the Income Tax Act,

1961 (hereinaf

The order continues below.

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