SMT. PRIYANKA GUTPA,ALWAR vs. ACIT, CENTRAL CIRCLE, ALWAR, ALWAR

ITA 143/JPR/2024Status: DisposedITAT Jaipur22 July 2024AY 2017-18Bench: DR. S. SEETHALAKSHMI (Judicial Member)1 pages
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What did the Tribunal hold?

The Tribunal held that the cash book maintained by the assessee was regularly audited and that the discrepancy in one entry should not lead to the rejection of the entire books of account. Therefore, the addition made by the AO was deleted.

What were the facts?

During a search, a document titled "Madan Uncle ji ka hisab" was found, detailing transactions related to the assessee's proprietary concern. The Assessing Officer (AO) treated a cash deposit of Rs. 17,63,000/- as unexplained credit, citing discrepancies in the assessee's explanation regarding cash withdrawals.

What were the issues?

Whether the cash deposit in the capital account of the proprietary concern can be treated as unexplained cash credit, and if so, at what tax rate.

Which sections of the Income-tax Act were involved?

Section 68,Section 115BBE

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Income Tax Appellate Tribunal, JAIPUR BENCHES,”A” JAIPUR

Before: DR. S. SEETHALAKSHMI, JM & SHRI RATHOD KAMLESH JAYANTBHAI, vk;dj vihy la-@ITA No. 143/JP/2024

For Appellant: CA jktLo dh vksj ls@
Hearing: 30/04/2024Pronounced: 22/07/2024

PER: RATHOD KAMLESH JAYANTBHAI, AM

This appeal filed by assessee is arising out of the order of the Commissioner of Income Tax (Appeals)-4, Jaipur dated 29/12/2023 [here in after ld. CIT(A) ] for assessment year 2017-18 which in turn arise from the order dated 31.12.2019 passed under section 153C of the Income Tax Act, by ACIT, Central Circle, Alwar.

2.

In this appeal, the assessee has raised following grounds: -

2 Smt. Priyanka Gupta

The order continues below.

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