ANSHIT BUILDERS AND HOME FIN CO. PVT. LTD.,DELHI vs. INCOME TAX OFFICER, WARD 2(4), NEW DELHI, DELHI
Before: SHRI SATBEER SINGH GODARAAssessment Year: 2017-18
This assessee’s appeal for assessment year 2017-18, arises against the Principal Commissioner of Income Tax [in short, the “PCIT”],
Delhi’s order dated
27.03.2022
in case no.
ITBA/REV/F/REV5/2021-22/1041748470(1) involving proceedings under section 143(3) of the Income-tax Act, 1961
(hereinafter referred to as ‘the Act’).
2. Heard both the parties at length. Case file produced.
3. It emerges during the course of hearing that the learned
Assessing Officer’s assessment herein framed on 31.12.2019 has Assessee by Sh. Ravi Pratap, Adv.
Department by Sh. Sanjay Kumar, Sr. DR
Date of hearing
06.01.2025
Date of pronouncement
06.01.2025
2 | P a g e assessed the assessee’s cash deposits amounting to Rs.1,42,91,000/- during demonetization as unexplained, to the extent of 15%, only thereby making addition of Rs. 19,68,750/- under section 69A read with section 115BBE of the Act which stands upheld in the lower appellate discussion.
4. It is in this factual backdrop that the tribunal hereby notices the clinching fact emerging from the case file that once the assessee’s stance in principle has been that these cash deposits are in fact it’s business receipts, the impugned addition could not be made simply on estimation basis as it is done at the learned lower authorities’ behest. Learned counsel further adds to the assessee’s case that it had all along filed all the relevant details explaining the source thereof in the lower appellate proceedings which has neither been specifically considered nor rejected in assessment as well as in lower appeal. I thus deem it as a fit case to delete the addition of Rs.19,68,750/- wherein the assessee has successfully discharged its onus of explaining source of the foregoing cash deposits as business receipts only. Ordered accordingly.
5. This assessee’s appeal is allowed.
3 | P a g e
Order pronounced in the open court on 6th January, 2025 (SATBEER SINGH GODARA)
JUDICIAL MEMBER
Dated: 6th January, 2025. RK/-