SHRI PIYUSHBHAI MANGALBHAI PATEL,AHMEDABAD vs. THE ITO, WARD-7(1)(5), AHMEDABAD

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ITA 198/AHD/2020Status: DisposedITAT Ahmedabad28 October 2022AY 2011-124 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 held that the assessee had provided sufficient evidence to explain the source of cash deposits, including loans, gifts, and personal savings. Both the Assessing Officer and CIT(A) failed to consider the documentary evidence produced by the assessee.

What were the facts?

The assessee deposited Rs. 15,70,000/- in cash into their bank account during the relevant assessment year. The Assessing Officer made an addition of Rs. 12,70,000/- on account of unexplained cash deposits.

What were the issues?

Whether the cash deposits made by the assessee were sufficiently explained and whether the additions made by the Assessing Officer were justified.

Which sections of the Income-tax Act were involved?

Section 148,Section 143(3),Section 147

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “SMC” BENCH, AHMEDABAD

Before: MS. SUCHITRA KAMBLE

For Appellant: Shri P. D. Shah, A.R
For Respondent: Shri Ravindra, CIT DR
Hearing: 20.10.2022Pronounced: 28.10.2022

आदेश क� ��त�ल�प अ�े�षत/Copy of the Order forwarded to : 1. अपीलाथ� / The Appellant 2. ��यथ� / The Respondent. 3. संबं�धत आयकर आयु�त / Concerned CIT 4. आयकर आयु�त(अपील) / The CIT(A)- 5. �वभागीय ��त�न�ध, आयकर अपील�य अ�धकरण, अहमदाबाद / DR, ITAT, Ahmedabad 6. गाड� फाईल / Guard file. आदेशानुसार/ BY ORDER,

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