SH SANDEEP KANHYALAL LATHI,JALNA vs. INCOME-TAX OFFICER WARD -1,, JALNA

This assessee’s appeal for AY 2009-10 arises against the CIT(A)-1, Aurangabad’s order dated 11-06-2018 passed in case No. ABD/CIT(A)-1/368/2016-17 involving proceedings under section 144 r.w.s. 147 of the Income Tax Act, 1961 in short the Act.

Delay of 1114 days in filing the instant appeal is condoned in light of the assessee’s averments contained in his affidavit dated 14-03-2012; and more particularly, in light of the fact that the entire calendar year 2020 as well as 2021 upto the date of filing, i.e. 05-10-2021 has seen outbreak of Covid- 19 pandemic. The same stands condoned.

Coming to the assessee’s sole substantive grievance that both the lowers authorities erred in law and on facts in treating the cash deposits made in bank account of Rs.13,96,450/- as unexplained, learned counsel’s sole substantive argument only seeks to invoke “peak” of the deposits alleged to be involving multiple withdrawals at regular intervals from time to time. That being the case, I partly reject the Revenue’s vehement arguments and restore the instant “peak” addition issue back to the Assessing Officer with a rider that it shall be the taxpayer’s risk and responsibility only to place on record all the relevant details within three effective opportunities of hearing and thereafter, the peak amount issue shall stand added as per law. Ordered accordingly.

This assessee’s appeal is partly allowed for statistical purposes in above terms. Order pronounced in the Open Court on 31st May, 2022.