VENKATACHALAPTHI VARAGANTI,HYDERABAD vs. INCOME TAX OFFICER, WARD-9(3), HYDERABAD

ITA 684/HYD/2024Status: HeardITAT Hyderabad08 August 2024AY 2017-18Bench: Shri Manjunatha, G. (Accountant Member)4 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal noted that the assessee failed to provide details to the lower authorities. However, considering the assessee's plea for a reasonable opportunity to present evidence, the case was restored to the CIT(A).

What were the facts?

The assessee did not file his return of income for AY 2017-18, despite notices. He made cash deposits of Rs. 10,31,000 during demonetization, claiming they were from cash sales and savings. The Assessing Officer, unsatisfied with the lack of proof, assessed the income under Section 69A r.w.s. 115BBE.

What were the issues?

Whether the assessee was given sufficient opportunity to present evidence for the cash deposits and if the assessment was justified without such opportunity.

Which sections of the Income-tax Act were involved?

Section 69A,Section 115BBE,Section 142(1)(i)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, Hyderabad ‘SMC‘ Bench, Hyderabad

Before: Shri Manjunatha, G.

Hearing: 08/08/2024

This appeal filed by the assessee is directed against the order dated 16/05/2024 of the learned CIT (A)-NFAC Delhi, relating to A.Y.2017-18. 2. The brief facts of the case are that the assessee has not filed his return of income for the A.Y 2017-18. Statutory notices u/s 142(1)(i) of the I.T. Act, 1961 was issued on 9.3.2018 calling for return of income. As per the information available with the Department, the assessee made cash deposits of ITA No 684 of 2024 Venkatachalapathi Varaganti

Rs.10,31,000/- during the demonetization period during the year relevant for the A.Y 2017-18. In

The order continues below.

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