AMOL PRATAPRAO CHAVAN,SANGLI vs. ITO, WARD 2, SANGLI, SANGLI

ITA 1679/PUN/2024Status: DisposedITAT Pune28 November 2024AY 2017-18Bench: DR.DIPAK P. RIPOTE (Accountant Member), SHRI VINAY BHAMORE (Judicial Member)9 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found that the lower authorities had not properly verified the nature of the deposits and whether the assessee was authorized to collect demonetized currency. Therefore, the issue was set aside for fresh adjudication by the Assessing Officer.

What were the facts?

The assessee, a business correspondent agent for Bank of Maharashtra, had deposits of Rs. 16,54,000 in his designated bank account. The Assessing Officer treated these deposits as unexplained cash credits under Section 68 of the Income Tax Act, 1961.

What were the issues?

Whether the deposits in the assessee's bank account, used for facilitating bank customers, constituted unexplained cash credits under Section 68, and whether the lower authorities properly verified the nature of these deposits.

Which sections of the Income-tax Act were involved?

Section 68,Section 250

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, PUNE BENCHES “SMC” :: PUNE

Before: DR.DIPAK P. RIPOTE & SHRI VINAY BHAMORE

For Respondent: Shri Manoj Tripathi – DR
Hearing: 27/11/2024Pronounced: 28/11/2024

PER DR. DIPAK P. RIPOTE, AM: This is an appeal filed by the assessee against the order of ld.Commissioner of Income Tax(Appeals)[NFAC] for Assessment Year 2017-18 dated 28.03.2024 passed u/sec.250 of the Income tax Act, 1961. The Assessee has raised the following grounds of appeal : “1)

Ground No.1 On the facts and circumstances of the case and in Law, the Ld.AO erred in making addition to total income of Rs.16,54,000/- U/s 68 without considering facts and circumstances of the case. 1.1) The assessee AMOL PRATAPRAO CHAVAN is an individual was engaged in the business as " Business correspondent Agent " he was appointed to fa

The order continues below.

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