PRADEEP KUMAR GANDHI,UTTAR PRADESH vs. WARD 1(2)(1) MEERUT, MEERUT

ITA 2757/DEL/2024Status: DisposedITAT Delhi28 November 2024AY 2017-18Bench: SHRI SATBEER SINGH GODARA (Judicial Member)3 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

Considering the assessee's past returned income and cash in hand figures, which were not properly credited, and the assessee's inability to fully reconcile figures, the Tribunal deemed it appropriate to restrict the addition to Rs. 2,41,500/-. This decision resulted in a relief of Rs. 10,00,000/- for the assessee, with the caveat that this estimation should not set a precedent.

What were the facts?

For Assessment Year 2017-18, an addition of Rs. 12,41,500/- was made under section 69A as unexplained money during a section 144 assessment, subsequently upheld by lower authorities. The assessee admitted the cash deposit but claimed it originated from prior cash withdrawals, gifts, and accumulated savings, which failed to satisfy the lower authorities.

What were the issues?

Whether the addition made under section 69A for unexplained cash deposits was justified and to what extent the assessee could explain the source of the deposits, considering past income and cash in hand.

Which sections of the Income-tax Act were involved?

Section 69A,Section 144

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH ‘SMC’ NEW DELHI

Before: SHRI SATBEER SINGH GODARA

For Respondent: Shri Sanjay Kumar, Sr. DR
Hearing: 13.11.2024Pronounced: 28.11.2024

PER SATBEER SINGH GODARA, JM: This assessee’s appeal for assessment year 2017-18 arises against National Faceless Appeal Centre (NFAC), Delhi’s DIN and order no. ITBA/NFAC/S/250/2023-24/1057713571(1), dated 06.11.2023, in case no. CIT(A), Meerut/10823/2019-20, in proceedings u/s 144 of the Income-tax Act, 1961, hereinafter referred to as the ‘Act’.

2.

A perusal of the assessee’s pleadings and both the learned lower authorities’ respective findings indicates that an addition u/s 69A as unexplained money of Rs. 12,41,500/- has been made in his hands in section 144 assessment framed on 27.12.2019 and upheld in the lower appellate discussion. The assessee’s case admittedly does not dispute the clinching fact that he h

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 69A

All 15,297 judgments and leading authorities on Section 69A →

Recent GST High Court judgments

Search GST case law →