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Income Tax Appellate Tribunal, COCHIN BENCH, COCHIN
Before: Shri Satbeer Singh Godara & Shri Amarjit Singh
O R D E R Per Bench This assessee’s appeal for A.Y. 2014-15 arises against the CIT(A)’s DIN No. ITBA/ APL /M/250/2023-24/1053145279(1) dated 24.05.2023 in proceedings u/s. 250 of the Income Tax Act, 1961 (the Act).
Case called twice. None appears at assessee’s behest. We accordingly proceed exparte.
During the course of hearing learned Sr. D.R. vehemently argues that both the lower authorities have rightly made section 68 unexplained cash credit addition of Rs. 30,90,800/- in the course of assessment herein dated 25.11.2016 as upheld in the lower appellate order.
Viswambharan Bhaskaran 3. We note with the able assistance coming from the Revenue side that the learned Assessing Officer’s computation in para 2.8 has duly considered the assessee’s sales proceeds derived from transfer of an immovable property amounting to Rs.18,46,000/- in the relevant previous year. The necessary inference which arises accordingly is that although not strictly proved on the assessee’s behest, a portion of the impugned cash deposits on-money component in the said transaction could not be altogether ruled out. This tribunal in Mrs. Malini Ramnath Rele vs. ITO [1994] 491 ITD 43 (Mum.) (TM) has also decided such an issue based on presumptions of on- money against the department. The fact, however, remains that the assessee has also not been able to plead and prove his case regarding on-money receipts of Rs.30,90,800/- all along. Faced with this situation, we deem it a fit case to partly accept the assessee’s instant sole substantive ground to the extent of Rs. 10,90,800/- and uphold the balance addition amount of Rs.20,00,000/- in very terms subject to a rider that the same shall not be treated as a precedent. Necessary computation for the purpose of making addition of Rs. 20,00,000/- shall follow.
Delay of 67 days in filing of the instant appeal is condoned in the interest of justice.
This assessee’s appeal is partly allowed in above terms.
Order pronounced in the open court on 23rd October, 2024. Sd/- Sd/- (Amarjit Singh) (Satbeer Singh Godara) Accountant Member Judicial Member Cochin, Dated: 23rd October, 2024 n.p.