PRATIVA SWAIN,KENDRAPARA vs. ITO, WARD KENDRAPADA, KENDRAPADA

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ITA 589/CTK/2025Status: DisposedITAT Cuttack04 December 2025AY 2017-18Bench: SHRI GEORGE MATHAN (Judicial Member), SHRI RAJESH KUMAR (Accountant Member)1 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal considered the bank statement which showed that Rs. 14,16,000/- was withdrawn in cash and Rs. 14,00,000/- and Rs. 22,669/- were redeposited. Therefore, the assessee had the source for the deposits.

What were the facts?

The assessee, an individual, had taken a loan of Rs. 14,16,000/- from Kendrapada New Urban Cooperative Bank Ltd. and deposited Rs. 14,00,000/- and Rs. 22,669/- in demonetization currency. The Assessing Officer (AO) made an addition of Rs. 14,22,500/-, which was confirmed by the CIT(A).

What were the issues?

Whether the addition made by the AO and confirmed by the CIT(A) regarding the source of funds deposited by the assessee is justified.

Which sections of the Income-tax Act were involved?

IT Act sections

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, CUTTACK BENCH CUTTACK

Before: SHRI GEORGE MATHAN & SHRI RAJESH KUMAR

Hearing: 04/12/2025Pronounced: 04/12/2025

आदेश / O R D E R This is an Appeal filed by the assessee against the order of the ld.Addl/JCIT(A)-2, Chennai dated 07.10.2025 for the assessment year 2017-2018. 2. It was submitted by the Ld.AR that the assessee is an individual. She had taken a loan of Rs.14,16,000/- from Kendrapada New Urban Cooperative Bank Limited on 28/10/2016 and on account of demonetization the assessee had deposited Rs.14,00,000/- as the same were in the demonetization currency and on 14/11/2016 Rs.22,669/- was further deposited which is also the demonetization currency. It was submission that the AO did not accept the contention of the assessee and made the addition of Rs.14,22,500/-. It was submission that the source of the money has clearly been explained and shown to be from the loan which has been disbursed to the assessee on 28/10/2016. The Ld.AR has placed before us the copy of the account statement of the assessee from 01/04/2016 to 16/12/2016 maintained with Kenddrapada Urban Cooperative Bank Limited, which reads as follows:-

3.

It was submission that the addition made by the AO and as confirmed by the Ld.CIT(A) may be deleted.

4.

In reply, ld.Sr. DR vehemently supported the orders of the ld.AO and ld.CIT(A).

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