GAJJIREDDY KRISHNAVENI,ANNATAPUR vs. ITO WARD-2, ANANTAPUR

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ITA 16/HYD/2022Status: DisposedITAT Hyderabad04 March 2022AY 2017-182 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that additions under Section 69A can only be made for sums pertaining to the relevant previous year, not for amounts credited in earlier assessment years. Therefore, the impugned addition was deleted.

What were the facts?

The assessee challenged an addition of Rs. 6,72,855/- made by the Assessing Officer under Section 69A for unexplained money. The Assessing Officer had included the opening balance of Rs. 12,48,355/- from an earlier assessment year in this addition.

What were the issues?

Whether the addition of unexplained money under Section 69A can include amounts from earlier assessment years.

Which sections of the Income-tax Act were involved?

Section 69A,Section 143(3)

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(1)Show list

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Income Tax Appellate Tribunal, HYDERABAD BENCHES “SMC”, HYDERABAD

Before: SHRI S.S.GODARA

For Respondent: Ms. Sumitha
Hearing: 02/03/2022Pronounced: 04/03/2022

O R D E R Per S. S. Godara, J.M. This assessee’s appeal arises from the National Faceless Appeal Centre (NFAC), Delhi’s order dated 24.11.2021 in case No. ITBA/NFAC/S/250/2021-22/103716788(1) involving proceedings u/s 143(3) of the Income Tax Act, 1961 [in short, ‘the Act’]. Heard both the parties. Case file perused.

2.

Coming to the assessee’s sole substantive grievance challenging section 69A unexplained money addition of Rs.6,72,855/-, it emerges at the outset that from a perusal of the Assessing Officer’s order dt.18.12.2019 that he had also included opening balance of Rs.12,48,355/- whilst arriving at the impugned sum. I therefore quote Ivan Singh Vs ACIT (2020) 422 ITR 128 (Bom) that such an addition could only be made qua the sum(s) in issue pertaining to relevant previous year than qua those found to have been credited in earlier assessment year only. I accordingly delete the impugned addition for this precise reason alone. All other pleadings on merits are rendered academic. The Revenue fails in its sole substantive grievance supporting impugned addition.

3.

This assessee’s appeal is allowed in above terms.

Order pronounced in the Open Court on 04th March, 2022.

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