HITESH JAGAT PAREKH,MUMBAI vs. INCOME TAX OFFICER WARD 25(2)(4), MUMBAI

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ITA 4429/MUM/2024Status: DisposedITAT Mumbai23 December 2024AY 2017-18Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI OMKARESHWAR CHIDARA (Accountant Member)1 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the assessee failed to discharge their initial burden to prove the source of the cash deposits. Relying on various case laws, the Tribunal observed that the assessee did not provide any concrete evidence to substantiate their claim of personal savings or business withdrawals, making the addition by the revenue authorities justified.

What were the facts?

The assessee challenged an order confirming additions made by the Assessing Officer (AO) under Section 69A of the Income Tax Act, 1961. The AO made the addition of Rs. 14,75,000/- on account of cash deposits made by the assessee during the demonetization period. The assessee claimed these deposits were out of personal savings and withdrawal from proprietary business. However, the assessee failed to provide supporting documentary evidence.

What were the issues?

Whether the addition made by the AO and sustained by the CIT(A) for unexplained cash deposits during the demonetization period is justified when the assessee failed to provide adequate evidence for the source of funds.

Which sections of the Income-tax Act were involved?

Section 69A,Section 143(3),Section 115BBE,Section 44AD,Section 68,Section 69/69B

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Income Tax Appellate Tribunal, “J-SMC” BENCH MUMBAI

Before: SHRI SANDEEP GOSAIN & SHRI OMKARESHWAR CHIDARA

For Appellant: Shri Govind Javeri
Hearing: 12.12.2024Pronounced: 23.12.2024

आदेश की �ितिलिप अ�ेिषत/Copy of the Order forwarded to : अपीलाथ� / The Appellant 1. ��थ� / The Respondent. 2. संबंिधत आयकर आयु� / The CIT(A) 3. आयकर आयु�(अपील) / Concerned CIT 4. िवभागीय �ितिनिध, आयकर अपीलीय अिधकरण, मु�बई / DR, ITAT, Mumbai 5. गाड� फाईल / Guard file. 6.

आदेशानुसार/ BY ORDER, स�ािपत �ित //True Copy//

1.

उप/सहायक पंजीकार ( Asst. Registrar) आयकर अपीलीय अिधकरण, मु�बई मु�बई / ITAT, Mumbai मु�बई मु�बई

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