SHRI RAVI KEWALTANI,DURG vs. INCOME TAX OFFICER, WARD 2(1), BHILAI

ITA 278/RPR/2017Status: DisposedITAT Raipur12 October 2018AY 2014-156 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found that the AO had not considered the sale proceeds of properties and that a rectification application was pending. The Tribunal restored the issue to the AO for a final opportunity to the assessee to substantiate their case.

What were the facts?

The assessee declared income and during assessment, the AO found large cash deposits in savings accounts. The assessee explained these as transfers, sale of property proceeds, and cash in hand, but the AO was not satisfied.

What were the issues?

Whether the cash deposits in the bank accounts were adequately explained by the assessee, and if the AO properly considered all evidence including property sale proceeds and opening cash balance.

Which sections of the Income-tax Act were involved?

Section 69A,Section 271(1)(c)

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Cases cited in this judgment(6)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Income Tax Appellate Tribunal, RAIPUR BENCH, RAIPUR

Before: SHRI R. K. PANDA & MS. SUCHITRA KAMBLE

For Appellant: Shri R. B. Doshi, CA
For Respondent: Shri Rituparan Namdeo, DR

PER R. K. PANDA, AM : This appeal filed by the assessee is directed against the order dated

05.09.

2017 of the ld. CIT(A)-II, Raipur (CG) relating to assessment year 2014-15. 2. The only effective ground raised by the assessee reads as under :- “The learned Commissioner of Income Tax (Appeals)- II erred in of holding the addition of Rs.53,40,510/- u/s 69A of the Income Tax Act, 1961, made by the A.O.”

3.

Facts of the case, in brief, are that the assessee is an individual and is engaged in the business of wholesale trading of footwear under the style of M/s

Ganapati Enterprises. He filed his return of income on 22.12.2014 declaring total income of Rs.6,66,620/-. During the course of assessment proceedings, the 2 Asse

The order continues below.

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