SHRI SANGRAM JAYWANTRAO GADE,,PUNE vs. INCOME-TAX OFFICER, WARD - 3(1),, PUNE

This assessee’s appeal for AY 2008-09 arises against the CIT(A), Pune-3’s order dated 31-10-2017 passed in case No. ITBA/APL/S/250/2017-18/1007479312(1) involving proceedings under Section 250 of the Income Tax Act, 1961 in short the Act.

Coming to assessee’s sole substantive ground that both the lower authorities have erred in law and on facts in making section 69A addition of Rs.21,09,500/- thereby treating his cash deposits in IDBI Bank account as unexplained, it transpires at the outset that he himself is very fair in not disputing the clinching fact that they have already adopted ‘peak’ figure whilst making the impugned addition. This is coupled with the fact that the assessee had not filed any explanation regarding source of the impugned deposits. Faced with this situation, I hold that the learned lower authorities have rightly made the impugned addition in assessee’s hands. The same is confirmed in principle.

Next comes equally important aspect of quantification of the impugned addition. Mr. Desai could hardly dispute the fact that the learned lower authorities have not granted benefit of any cash in hand to the assessee thereby considering his social status. Faced with this situation, I deem it appropriate that the assessee deserves relief of Rs.2.50 lakhs only out of the impugned addition amounting to Rs.21,09,518/- in issue. The same is upheld to the extent of Rs.17,59,500/- in other words. Necessary computation shall follow as per law.

The assessee’s delay of 82 days in filing the instant appeal is condoned for the reason stated in the case file.

This assessee’s appeal is partly allowed in above terms. Order pronounced in the Open Court on 30th May, 2022.