DCIT,CENTRAL CIRCLE-29 , NEW DELHI vs. OMAXE INDIA TRADE CENTER PVT LTD, NEW DELHI

ITA 2436/DEL/2022Status: DisposedITAT Delhi13 September 2024AY 2017-18Bench: SH. PRADIP KUMAR KEDIA (Accountant Member), SHRI YOGESH KUMAR U.S. (Judicial Member)34 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the CIT(A) correctly allowed the assessee's appeal by deleting the addition. The Tribunal found that the cash deposited was explained by the available cash balance as on 08.11.2016, which was built up from undisputed cash withdrawals and opening balances verified by prior year ITRs.

What were the facts?

During demonetization, the assessee deposited a significant amount of cash. The Assessing Officer treated a portion of this deposit as unexplained income, citing impounded documents showing a cash-in-hand balance. The assessee contended that the deposits were from earlier cash withdrawals and opening balances.

What were the issues?

Whether the cash deposits made by the assessee during demonetization were sufficiently explained by its cash-in-hand balance and prior withdrawals, or if they constituted unexplained income under Section 68.

Which sections of the Income-tax Act were involved?

Section 68,Section 133A,Section 132A

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH: ‘E’ NEW DELHI

Before: SH. PRADIP KUMAR KEDIA & SHRI YOGESH KUMAR U.S.

For Appellant: CA & Sh, CA Department
Hearing: 01.08.2024Pronounced: 13.09.2024

Heard together (2 matters)

I.T.A. No. 2437/DEL/2022
I.T.A. No. 2436/DEL/2022

Read from the judgment's own cause title. This page is filed under one of them.

PER YOGESH KUMAR U.S., JM Both the above captioned Appeals filed by the Department of Revenue aggrieved by the order dated 06/07/2022 for the Assessment Year 2017-18 in respect of the captioned Assessees

respectively.

2.

Since the common grounds of Appeal has been

The order continues below.

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