KILARU RAJYALAKSHMI,VIJAYAWADA vs. INCOME TAX OFFICER, WARD-1(2), VIJAYAWADA

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ITA 210/VIZ/2024Status: DisposedITAT Visakhapatnam13 December 2024AY 2017-18Bench: SHRI K NARASIMHA CHARY, HON’BLE (Judicial Member), SHRI S BALAKRISHNAN, HON’BLE (Accountant Member)8 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal deleted an addition of Rs. 2,00,000, finding it was a repayment of a hand loan from the assessee's sister. However, for the remaining Rs. 5,61,000, the Tribunal upheld the addition due to a lack of cogent evidence to substantiate the source of funds.

What were the facts?

The assessee, a retired bank employee, deposited Rs. 13 lakhs in cash during the demonetization period. The Assessing Officer treated this as unexplained income, making an addition under Section 69A. The CIT(A) granted partial relief, sustaining an addition of Rs. 7,61,000.

What were the issues?

Whether cash deposits made during the demonetization period are unexplained income, and if the assessee has provided sufficient evidence to substantiate the source of such deposits.

Which sections of the Income-tax Act were involved?

Section 69A,Section 115BBE,Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, VISAKHAPATNAM “SMC” BENCH, VISAKHAPATNAM

Before: SHRI K NARASIMHA CHARY, HON’BLE & SHRI S BALAKRISHNAN, HON’BLE

For Respondent: Dr. Aparna Villuri, Sr. AR
Hearing: 04/12/2024

आदेशकीप्रतितितिअग्रेतिि /Copy of the order forwarded to:- निर्धाररती/ The Assessee –Kilaru Rajyalakshmi, D.No. 12-70, Driver 1. Peta, Penamaluru Centre, Poranki, Vijayawada, Andhra Pradesh- 521137. रधजस्व/The Revenue – Income Tax Officer, Ward-1(2), O/o. ITO, CR 2. Building “Annex”, MG Road, Vijayawada, Andhra Pradesh-520002. 3. The Principal Commissioner of Income Tax, आयकरआयुक्त (अपील)/ The Commissioner of Income Tax 4. नवभधगीयप्रनतनिनर्, आयकरअपीलीयअनर्करण, नवशधखधपटणम/ DR,ITAT, 5. Visakhapatnam गधर्ाफ़धईल / Guard file 6.

आदेशधिुसधर / BY ORDER

Sr. Private Secretary ITAT, Visakhapatnam

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