VALJI HARJI HIRANI,BHUJ vs. ITO.(INT.TXN), GANDHIDHAM

ITA 119/RJT/2024Status: DisposedITAT Rajkot03 November 2025AY 2018-19Bench: DR. ARJUN LAL SAINI (Accountant Member), SHRI DINESH MOHAN SINHA (Judicial Member)1 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that Section 69 is not applicable as no new investment was made in the year under consideration. The amount in question was accrued interest on existing FDRs, and the assessee had provided sufficient documentary evidence to support this.

What were the facts?

The assessee, an NRI, had a time deposit with Bank of India. The Assessing Officer treated the accrued interest on this deposit as a new, unexplained investment under Section 69, despite the assessee providing FDR ledgers and interest certificates showing it was interest earned on previous investments.

What were the issues?

Whether accrued interest on existing FDRs can be treated as a new unexplained investment under Section 69, and if Form 61A information alone is sufficient to make such an addition without independent inquiry.

Which sections of the Income-tax Act were involved?

Section 69,Section 115BBE,Section 148,Section 143(3),Section 271AAC(1),Section 285BA(1)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, RAJKOT BENCH, RAJKOT

Before: DR. ARJUN LAL SAINI & SHRI DINESH MOHAN SINHA

For Appellant: Shri Samir Bhuptani, Ld. AR
For Respondent: Smt. Pallavi, Ld. CIT(DR)
Pronounced: 03/11/2025

Per, Dinesh Mohan Sinha, JM: Captioned appeal filed by the assessee, pertaining to Assessment Year (AY)-2018-19, is directed against the order passed by the Dispute Resolution Panel(DRP-2), vide order dated 29.12.2023, which in turn assessment order passed by Income Tax Department / Assessing Officer under section 144C(5) of the Income Tax Act, 1961 (in short “the Act”), vide order dated 18.01.2024. (ITA

2.

Grounds of appeal raised by the assessee, are as follows:

1.

The learned DRP panel has erroneously applied Section 69 by focusing on the conditions outlined in Sectio

The order continues below.

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