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Income Tax Appellate Tribunal, “DB” BENCH, AGRA
Before: HON’BLE SHRI SATBEER SINGH GODARA, JM & HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM
O R D E R Manoj Kumar Aggarwal (Accountant Member) 1. Aforesaid quantum appeal as well as penalty appeal by assessee for Assessment Year (AY) 2013-14 arises out of separate orders of first appellate authority. First, we take up quantum appeal which arises out of an order passed by learned Commissioner of Income Tax (Appeals), NFAC, Delhi [CIT(A)] on 08-02- 2024 in the matter of an assessment framed by Ld. Assessing Officer [AO] u/s. 147 r.w.s. 144 of the Act on 26-03-2022. The Ld. AR argued that the impugned cash deposits were duly been reflected in proprietorship concern since the firm converted into proprietorship concern w.e.f. 01-04- 2012. The Ld. Sr. DR stated that these facts require verification by Ld. AO.
In the assessment order, Ld. AO made cash addition of Rs.105.51 Lacs in the hands of the assessee firm despite the submissions of the assessee that the firm was dissolved and these transactions were reflected in the hands of Shri Abhishek Khandelwal. The Ld. CIT(A) confirmed the same for want of documentary evidences. Aggrieved, the assessee is in further appeal before us.
Considering the submissions of Ld. AR, we set aside the impugned order and restore the assessment back to the file of Ld. AO for de novo assessment after verification of aforesaid facts. The assessee is directed to substantiate its stand.
ITA No,808/Del/2024 is consequential penalty which also stand restored back to the file of Ld. AO for fresh consideration in the light of de novo assessment to framed by Ld. AO.
Both the appeal stand allowed for statistical purposes as indicated upon conclusion of hearing. Order pronounced u/r 34(4) of Income Tax (Appellate Tribunal) Rules, 1963. (SATBEER SINGH GODARA) (MANOJ KUMAR AGGARWAL) "ाियक सद" /JUDICIAL MEMBER लेखा सद" /ACCOUNTANT MEMBER Dated: 23-04-2025 आदेश की "ितिलिप अ"ेिषत / Copy of the Order forwarded to : 1. अपीलाथ"/Appellant 2. ""थ"/Respondent 3. आयकरआयु"/CIT 4. िवभागीय"ितिनिध/DR 5. गाड"फाईल/GF