GURVINDER KAUR,AMBALA vs. INCOME TAX OFFICER, AMBALA
आयकर अपीलȣय अͬधकरण,चÖडीगढ़ Ûयायपीठ, चÖडीगढ़
IN THE INCOME TAX APPELLATE TRIBUNAL
DIVISION BENCH, ‘SMC’, CHANDIGARH
BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER
आयकर अपील सं./ ITA No. 45/CHD/2024
Ǔनधा[रण वष[ / Assessment Year : 2017-18
Gurvinder Kaur,
C/o M/s Sahani Garments,
Railway Road,
Barara,
Ambala 133001
बनाम
The ITO,
Ward-2,
Ambala
èथायी लेखा सं./PAN NO: BKTPS8328H
अपीलाथȸ/Appellant
Ĥ×यथȸ/Respondent
Ǔनधा[ǐरती कȧ ओर से/Assessee by : Shri Anil Batra, Advocate
राजèव कȧ ओर से/ Revenue by :Shri Vivek Vardhan, JCIT
सुनवाई कȧ तारȣख/Date of Hearing
:
07.11.2024
उदघोषणा कȧ तारȣख/Date of Pronouncement
:
02.01.2025
आदेश/Order
The present appeal has been preferred by the assessee against the order dated 21.11.2023 passed by the Ld. Commissioner of Income Tax, National Faceless Appeal Centre (NFAC), Delhi
[hereinafter referred to as ‘CIT(A)’], for the Assessment Year 2017-
18. 2. The Assessee is aggrieved by the action of the ld. CIT(A) in confirming the addition of Rs. 10,00,000/- on account of 45 -Chd-2024
Gurvinder Kaur, Amabala unexplained cash deposits in the bank account of the Assessee. The Assessing Officer during the assessment proceedings noted that the Assessee had deposited an amount of Rs. 10,00,000/- in his bank account during demonetization period. On being asked to explain in this respect, the Assessee explained before the Assessing Officer
(A.O.) that the source of said amount was gold loan taken by the Assessee to start the dairy farming business. However, due to the family circumstances, the Assessee could not start the dairy farming business and the unutilized amount was deposited in the bank account.
3. The Assessing Officer however, observed that there was a gap of six months between the cash withdrawn from the gold loan and re-deposit of the same during the demonization period. He, therefore, made the impugned addition treating the said amount as income of the Assessee from unexplained sources. The ld. CIT(A) confirmed the addition so made by the A.O.
4. I have heard the rival contentions and gone through the record.
The ld. Counsel for the Assessee has submitted that the Assessee is a lady and is working as a teacher in Ambala. He reiterated his submissions that the source of the aforesaid amount was gold loan taken by the Assessee for the purpose of dairy farming business
45 -Chd-2024
Gurvinder Kaur, Amabala and since the business could not be started due to family circumstances, the said amount was re-deposited in the bank account. I find that the Assessee has duly explained the source of deposit. The Assessee has also explained that she intended to start dairy farming business but due to family circumstances, she could not utilize the aforesaid amount. The Assessee is a lady. There is no evidence that the Assessee is involved in any other type of business transaction and it is quite obvious that the amount might have been kept for some time by her at house after withdrawal of the same from the bank account. There is nothing on record to show that the Assessee has made any purchase or utilized the loan amount after withdrawal of the same from the bank account.
6. In view of this, I do not find any justification on the part of the lower authorities in making the impugned addition, the same is accordingly ordered to be deleted.
7. In the result, the appeal of the Assessee stands allowed.
Order pronounced on 02.01.2025. (SANJAY GARG)
Judicial Member
“आर.के.”
45 -Chd-2024
Gurvinder Kaur, Amabala
आदेशकȧĤǓतͧलͪपअĒेͪषत/ Copy of the order forwarded to :
1. अपीलाथȸ/ The Appellant
2. Ĥ×यथȸ/ The Respondent
3. आयकरआयुÈत/ CIT
4. ͪवभागीयĤǓतǓनͬध, आयकरअपीलȣयआͬधकरण, चÖडीगढ़/ DR, ITAT,
CHANDIGARH
5. गाड[फाईल/ Guard File
आदेशानुसार/ By order,
सहायकपंजीकार/