NYMISHA KUNDUM,NARSIPATNAM vs INCOME TAX OFFICER, WARD-1(1), RAJAHMUNDRY

Income Tax Appellate Tribunal, VISAKHAPATNAM BENCH, VISAKHAPATNAM

Before: SHRI DUVVURU RL REDDY, HON’BLE & SHRI S BALAKRISHNAN, HON’BLE

Hearing: 09/05/2024

Per contra, the Ld. DR relied on the orders of the Ld. Revenue Authorities.

We have heard both the sides and perused the material available on record as well as the orders of the Ld. Revenue Authorities. It is an admitted fact that the assessee has sold a property and realized the amount in cash and made various Fixed Deposits. Further, it is also not disputed that on maturity of the 6 fixed deposits, the cash was withdrawn by the assessee on 29/08/2016. It is also noticed that the same amounts are deposited in a single instance into the ICICI Bank by the assessee on 14/11/2016 for Rs. 15 lakhs. The above facts have been clearly demonstrated by the Ld. AR through the submission of bank statements and a letter from Jampeta Cooperative Bank including the copies of the Fixed Deposit accounts. We therefore find that since the sources of the cash deposits have been clearly explained by the Ld.AR, the addition made by the Ld. Revenue Authorities deserves to be deleted. It is ordered accordingly and the Ground No.3 raised by the assessee is allowed.

In the result, appeal of the assessee is allowed.

Pronounced in the open Court on 28th May, 2024.

NYMISHA KUNDUM,NARSIPATNAM vs. INCOME TAX OFFICER, WARD-1(1), RAJAHMUNDRY