INDER KUMAR NIGOTIYA,JAIPUR vs. ITO WARD,1 (1), JAIPUR

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ITA 1011/JPR/2025Status: DisposedITAT Jaipur28 August 2025AY 2017-2018Bench: SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member), SHRI NARINDER KUMAR (Judicial Member)1 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the interest income earned on assets declared under IDS, 2016, should be considered explained. The immunity granted under IDS extends to the income derived from the declared assets, including interest earned during the intervening period.

What were the facts?

The assessee declared interest income of Rs. 11,01,370/- earned on market lending, which was declared under the Income Declaration Scheme (IDS), 2016. The Assessing Officer (AO) treated this interest income as unexplained money under Section 69A of the Income Tax Act, 1961.

What were the issues?

Whether interest income earned on assets declared under IDS, 2016, is to be treated as unexplained money, and if Section 115BBE is applicable.

Which sections of the Income-tax Act were involved?

Section 69A,Section 115BBE

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Income Tax Appellate Tribunal, JAIPUR BENCHES,”SMC” JAIPUR

Before: SHRI RATHOD KAMLESH JAYANTBHAI, AM & SHRI NARINDER KUMAR, JM vk;dj vihy la-@ITA No. 1011/JP/2025

For Appellant: CA jktLo dh vksj ls@
Hearing: 21/08/2025Pronounced: 28/08/2025

Result

10.

In terms of above observation and findings, the appeal of the assessee is allowed.

1.

Order pronounced in the open court on 28/08/2025. Sd/- Sd/- ¼jkBkSM+ deys'k t;UrHkkbZ ½ ¼ujsUnz dqekj½ (RATHOD KAMLESH JAYANTBHAI) (NARINDER KUMAR) ys[kk lnL; @Accountant Member U;kf;d lnL;@Judicial Member Inder Kumar Nignotiya vs. ITO Tk;iqj@Jaipur fnukad@Dated:- 28/08/2025 *Ganesh Kumar, Sr. PS आदेश की प्रतिलिपि अग्रेf’ात@ब्वचल वf जीम वतकमत वितूंतकमक जवरू 1. The Appellant- Inder Kumar Nigotiya, Jaipur 2. izR;FkhZ@ The Respondent- ITO, Ward 1(1), Jaipur 3. vk;dj vk;qDr@ The ld CIT vk;dj vk;qDr¼vihy½@The ld CIT(A) 4. विभागीय प्रतिनिधि] आयकर अपीलीय अधिकरण] जयपुर@क्त्ए प्ज्Aज्ए Jंपचनत 5. xkMZ QkbZy@ Guard File (ITA No. 1011/JP/2025) 6. vkns'kkuqlkj@ By order,

सहायक पंजीकार@Aेेज. त्महपेजतंत

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