VEMPATI SATISH,WEST GODAVARI vs. INCOME TAX OFFICER, WARD-2, ELURU

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ITA 455/VIZ/2024Status: DisposedITAT Visakhapatnam26 June 2025AY 2017-18Bench: us :12 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal condoned the delay in filing the appeal and admitted an additional ground concerning Section 115BBE. It acknowledged the bank's certificate supporting the assessee's claim and set aside the case, remanding it to the A.O. to re-adjudicate after providing the assessee a reasonable opportunity to furnish fresh documentary evidence, including complete customer details.

What were the facts?

The assessee, a business correspondent for SBI, deposited Rs. 15.50 lakhs cash in his account during demonetization, claiming it was collected from villagers as a custodian. The A.O. and CIT(A) treated this as unexplained money under Section 69A due to lack of full customer details and made an addition, leading to a best judgment assessment under Section 144.

What were the issues?

Whether cash deposits made during demonetization by a business correspondent constitute unexplained money under Section 69A, justifying a best judgment assessment under Section 144, and the applicability of the higher tax rate under Section 115BBE.

Which sections of the Income-tax Act were involved?

Section 144,Section 250,Section 69A,Section 142(1),Section 115BBE

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Income Tax Appellate Tribunal, Visakhapatnam Bench

For Appellant: Dr. Satyasai Rath, CIT(DR)

आदेशकी प्रतततिति अग्रेतषत/ Copy of the order forwarded to:-

1. 1. तिर्ााररती/The Assessee : Vempati Satish, 2-98, T CH R Palem, Lingapalem Mandal, West Godavari District – 534462, Andhra Pradesh. 2. राजस्व/ The Revenue : The Income Tax Officer, Ward – 2, Eluru.

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