SHRI MANOJ KUMAR BERIA,KOLKATA vs. DCIT-7(2), KOLKATA

PDF · subscribers
ITA 173/KOL/2021Status: DisposedITAT Kolkata23 March 2022AY 2017-183 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 found the amount to be small and self-explanatory, considering the assessee had declared a substantial income. They were satisfied that such an amount could be accumulated from past savings or kept at home.

What were the facts?

The assessee deposited Rs. 2,00,000/- in his savings bank account in nine installments throughout the year. He claimed it was from past savings, but the Assessing Officer rejected this and made an addition under Section 69A.

What were the issues?

Whether the addition of Rs. 2,00,000/- as unexplained cash credit was justified when the assessee claimed it was from past savings.

Which sections of the Income-tax Act were involved?

Section 69A

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, ‘A’ BENCH, KOLKATA

Before: Shri Rajpal Yadav, Vice-(KZ) & Shri Manish Borad

Per Rajpal Yadav, Vice-President (KZ):- The assessee is in appeal before the Tribunal against the order of ld. Commissioner of Income Tax (Appeals) dated 17th March, 2021 passed for assessment year 2017-18.

2.

The only ground raised by the assessee is that the ld. CIT(Appeals) has erred in confirming the addition of Rs.2,00,000/-, which was added by the ld. Assessing Officer with the aid of section 69A of the Income Tax Act.

Assessment Year-2017-2018 Shri Manoj Kumar Beria

3.

Brief facts of the case are that the assessee has filed his return of income on 01.08.2017. His case was selected for scrutiny assessment. A notice under section 143(2) was issued and served upon the assessee. The Assessing Officer has observed that the assessee has deposited a sum of Rs.2,00,000/- in his Savings Bank Account. He directed the assessee to explain the sources. The assessee has submitted that he was in financial distress and always kept of Rs.2,00,000/- which was deposited on different dates. This explanation was rejected by the ld. Assessing Officer and he made an addition of Rs.2,00,000/-. Appeal to the ld. CIT(Appeals) did not bring any relief to the assessee.

4.

With the assistance of ld. representatives, we have gone through the record carefully. In the computation of income, it is discernable that the assessee has declared an income of Rs.6,62,500/-. The Assessing Officer has made an addition of Rs.2,00,000/-. This Rs.2,00,000/- has been deposited on nine occasions in piecemeal during the whole year. To our mind, it is a small amount, which is self-explanatory because this much of amount can be accumulated with any individual from the past savings or it might be lying at home. Therefore, we are satisfied that the assessee who has filed his return of income declaring income of Rs.6,25,000/-. It can be expected that with him or his family members a sum of Rs.2,00,000/- must be kept as cash in hand. Therefore, we allow the appeal of the assessee and delete the addition.

5.

In the result, the appeal of the assessee is allowed. Order pronounced in the open Court on March 23rd, 2022.

1.

Sd/- Sd/- (Manish Borad) (Rajpal Yadav) Accountant Member Vice-President (KZ) Kolkata, the 23rd day of March, 2022 Copies to : (1) Shri Manoj Kumar Beria, Krishna-710 Krishna Building, 224, A.J.C. Bose Road, Minto Park, Kolkata-700017

Assessment Year-2017-2018 Shri Manoj Kumar Beria

(2) Deputy Commissioner of Income Tax, Circle-7(2), Kolkata, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-700069

(3) Commissioner of Income Tax (Appeals)- ,

More judgments on Section 69A

All 15,297 judgments and leading authorities on Section 69A →

Recent GST High Court judgments

Search GST case law →