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Facts
The assessee's appeal for AY 2017-18 arose from an order upholding the addition of Rs.19,00,000/- cash deposits during demonetization as unexplained. The assessee stated that this amount was explained by previous withdrawals.
Held
The Tribunal found merit in the assessee's explanation, noting that the assessee and his wife were pensioners and had previously withdrawn Rs.24,63,000/-, which was un-rebutted by the Revenue. The Revenue's contentions were rejected.
Key Issues
Whether the cash deposits during demonetization can be considered unexplained when supported by prior withdrawals and the assessee's status as a pensioner.
Sections Cited
143(3)
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Income Tax Appellate Tribunal, DELHI BENCH ‘SMC’, NEW DELHI
Before: Sh. Satbeer Singh Godara
Asstt. Year : 2017-18 Akhilesh Kumar, Vs Income Tax Officer, I-601, Arihant Arden, Sector-1, Ward-5(1)(1), Bisrakh, Greater Noida, Gautam Budh Nagar, Uttar Pradesh-201308 Noida-201307 (APPELLANT) (RESPONDENT) PAN No. AEHPK3896B Assessee by: Sh. K. Sampath, Adv. & Sh. V. Rajkumar, Adv. Revenue by : Sh. Manoj Kumar, Sr. DR Date of Hearing: 23.09.2025 Date of Pronouncement: 23.09.2025 ORDER This assessee’s appeal for Assessment Year 2017-18, arises against the Addl./JCIT(A)-3, Chennai’s DIN & order No. ITBA/APL/S/250/2025-26/1078500301(1) dated 15.07.2025, in proceedings u/s 143(3) of the Income Tax Act, 1961 (in short “the Act”).
Heard both the parties at length. Case file perused.
It transpires during the course of hearing that both the learned lower authorities have treated the assessee’s cash deposits during demonetization amounting to Rs.19,00,000/- as unexplained, in the assessment order dated 11.12.2019 and upheld in the lower appellate discussion.
Akhilesh Kumar 4. That being the case, learned counsel invites the tribunal’s attention to page 13 in the lower appellate discussion wherein the assessee has already appears to have withdrawn an amount of Rs.24,63,000/- in F.Y. 2015-16 and F.Y. 2016-17 which has gone un-rebutted from the Revenue side. It is further stated that the assessee himself and his wife are stated to be pensioners only. That being the case, the tribunal finds merit in the assessee’s explanation attributing source of the impugned cash business of Rs.19,00,000/- to his previous withdrawal of Rs.24,63,000/- in very terms. The Revenue vehement contentions supporting the impugned addition stand rejected therefore.