GANAPATHY CHANDRASEKARAN,ERODE vs. DCIT, CIRCLE-1, ERODE

ITA 776/CHNY/2024Status: DisposedITAT Chennai28 June 2024AY 2017-18Bench: SHRI ABY T VARKEY, HON’BLE (Judicial Member), SHRI S. R. RAGHUNATHA, HON’BLE (Accountant Member)22 pages
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What did the Tribunal hold?

The Tribunal held that the AO erred in adding the amount as unexplained money without sufficient material to rebut the assessee's claim of trade receipts. The Tribunal noted that the assessee had provided books of accounts and other details, and the AO had accepted a portion of the deposits as legitimate trade receipts.

What were the facts?

The assessee deposited Rs. 45,03,500/- in Specified Bank Notes (SBNs) during the demonetization period. The Assessing Officer (AO) accepted Rs. 13,02,652/- as trade receipts from rice sales but added the remaining Rs. 32,00,848/- as unexplained money under Section 69A.

What were the issues?

Whether the addition of cash deposits made in SBNs during the demonetization period as unexplained income under Section 69A is justified when the assessee claims it as trade receipts and has provided supporting evidence.

Which sections of the Income-tax Act were involved?

Section 69A

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Income Tax Appellate Tribunal, ‘B’ BENCH, CHENNAI

Before: SHRI ABY T VARKEY, HON’BLE & SHRI S. R. RAGHUNATHA, HON’BLE

Hearing: 20.06.2024Pronounced: 28.06.2024

PER S. R. RAGHUNATHA, ACCOUNTANT MEMBER:

This appeal by the assessee is filed against the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi, for the assessment year 2017-18, vide order dated 30.01.2024. 2. The main grievance of the assessee is against the action of the ld.CIT(A) confirming the addition of Rs.32,00,848/- u/s. 69A of the Income Tax Act, 1961 (hereinafter r

The order continues below.

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