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Facts
The assessee, engaged in real estate business, deposited Rs. 26,50,000 in her bank account during the demonetization period. She claimed this cash was from earlier withdrawals for business purposes. The Assessing Officer (AO) and CIT(A) rejected this claim, treating the deposit as unexplained cash credit.
Held
The Tribunal found that the assessee failed to satisfactorily explain the source and nature of the cash deposit. The cash book was found to be unreliable, and the prolonged delay in depositing the cash raised suspicion. The matter was remanded to the AO to verify the availability of cash.
Key Issues
Whether the cash deposits made during the demonetization period are unexplained cash credits, and if provisions of Section 115BBE are rightly invoked. Also, whether the AO unlawfully expanded the scope of limited scrutiny.
Sections Cited
68, 115BBE, 143(3), 269SS, 269T, 271D, 271E
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, JAIPUR BENCHES,”A” JAIPUR
Before: SHRI RATHOD KAMLESH JAYANTBHAI, AM & SHRI NARINDER KUMAR, JM vk;dj vihy la-@ITA No. 226/JP/2024
Result
Resultantly, the appeal filed by the assessee is disposed of for statistical purposes, and in the interest of justice, matter is remanded to the Assessing Officer so as to take into consideration the certificate placed before this Appellate Tribunal, to verify the availability of cash with the assessee at the given time during the year under consideration and decide the matter in accordance with law, as regards framing of assessment for the year under consideration.
Shobna Agarwal vs ACIT-2, Jaipur Of course, Learned Assessing Officer shall provide an opportunity of being heard to the appellant-assessee. File be consigned after the needful is done by the office.
Sd/- Sd/- ¼jkBkSM+ deys'k t;UrHkkbZ ½ ¼ujsUnz dqekj½ (RATHOD KAMLESH JAYANTBHAI) (NARINDER KUMAR) ys[kk lnL; @Accountant Member U;kf;d lnL;@Judicial Member Tk;iqj@Jaipur fnukad@Dated:- 02/09/2024 *Ganesh Kumar, Sr. PS आदेश की प्रतिलिपि अग्रेf’ात@ब्वचल वf जीम वतकमत वितूंतकमक जवरू 1. The Appellant- Shobna Agarwal, Jaipur izR;FkhZ@ The Respondent- ACIT, Circle-02, Jaipur 2. 3. vk;djvk;qDr@ The ld CIT 4. vk;dj vk;qDr¼vihy½@The ld CIT(A) विभागीय प्रतिनिधि] आयकरअपीलीय अधिकरण] जयपुर@क्त्ए प्ज्Aज्ए Jंपचनत 5. xkMZQkbZy@ Guard File (ITA No. 226/JP/2024) 6. vkns'kkuqlkj@ By order,
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