ITO , NCRB JAIPUR vs. PRAKASH AGARWAL, JAIPUR

PDF · subscribers
ITA 54/JPR/2024Status: DisposedITAT Jaipur10 October 2024AY 2017-18Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)1 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the CIT(A) was correct in deleting the addition for unexplained cash deposits as the assessee had provided sufficient evidence of sales receipts. The Tribunal also upheld the deletion of the Section 40A(3) disallowance, noting that the AO did not adequately dispute the assessee's submissions regarding cash deposits into the bank.

What were the facts?

The revenue appealed against the CIT(A)'s deletion of additions made by the AO. The additions pertained to unexplained cash deposits during demonetization and disallowance of expenditure under Section 40A(3). The assessee, a retailer and wholesaler, had deposited a significant amount of cash during the demonetization period.

What were the issues?

Whether cash deposits made during demonetization are sufficiently explained by sales receipts and whether cash deposited into the bank account constitutes a violation of Section 40A(3).

Which sections of the Income-tax Act were involved?

Section 68,Section 115BBE,Section 40A(3)

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(2)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, JAIPUR BENCHES,”A” JAIPUR

Before: SHRI SANDEEP GOSAIN, JM & SHRI RATHOD KAMLESH JAYANTBHAI, AM vk;dj vihy la-@ITA No. 54/JP/2024

For Appellant: CA jktLo dh vksj ls@
Hearing: 28/08/2024Pronounced: 10/10/2024

Order pronounced in the open court on 10/10/2024.

Sd/- Sd/- ¼ jkBkSM deys’k t;arHkkbZ ½ ¼ lanhi xkslkbZ ½ (Sandeep Gosain) (Rathod Kamlesh Jayantbhai) U;kf;d lnL;@Judicial Member ys[kk lnL;@Accountant Member Tk;iqj@Jaipur fnukad@Dated:-10/10/2024 *Ganesh Kumar, Sr. PS आदेश की प्रतिलिपि अग्रेf’ात@ब्वचल वf जीम वतकमत वितूंतकमक जवरू 1. The Appellant- ITO, NCRB Jaipur izR;FkhZ@ The Respondent- Prakash Agarwal, Jaipur 2. vk;dj vk;qDr@ The ld CIT 3. vk;dj vk;qDr¼vihy½@The ld CIT(A) 4. 5. विभागीय प्रतिनिधि] आयकर अपीलीय अधिकरण] जयपुर@क्त्ए प्ज्Aज्ए Jंपचनत 6. xkMZ QkbZy@ Guard File (ITA No. 54/JP/2024) vkns'kkuqlkj@ By order,

सहायक पंजीकार@Aेेज. त्महपेजतंत

More judgments on Section 68

All 29,931 judgments and leading authorities on Section 68 →

Recent GST High Court judgments

Search GST case law →