AMBATI VENKATA SATYA NAGA MALLESWARA RAO,NUZVIDU vs. THE INCOME TAX OFFICER, WARD-3(4), VIJAYAWADA

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ITA 558/VIZ/2019Status: DisposedITAT Visakhapatnam08 July 2022AY 2016-177 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the assessee failed to provide proper evidence to substantiate the cash deposits, even with the changed explanation. The different stands taken by the assessee and lack of documentary evidence led to the confirmation of the addition.

What were the facts?

The assessee made cash deposits of Rs. 54,96,000/- in bank accounts. Initially, the assessee claimed it was from the sale of mango gardens, but later stated it was from savings of earlier years. The Assessing Officer added Rs. 13,00,000/- to the income.

What were the issues?

Whether the cash deposits made by the assessee in bank accounts were adequately explained and substantiated with documentary evidence.

Which sections of the Income-tax Act were involved?

Section 69A,Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, VISAKHAPATNAM BENCH, VISAKHAPATNAM

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

Hearing: 02/06/2022

आदेश की प्रतिलिपि अग्रेपिि/Copy of the order forwarded to:- ननधधाररती/ The Assessee – Ambati Venkata Satya Naga Malleswara 1. Rao, 5-117, Opp. Venkateswara Temple, Kothapeta, Nuzvidu, Krishna District. रधजस्व/The Revenue – Income Tax Officer, Ward-3(4), CR Building, 2. First Floor Annex., MG Road, Vijayawada, Andhra Pradesh. 3. The Principal Commissioner of Income Tax, Vijayawada.

आयकर आयुक्त ( अऩीऱ)/ The Commissioner of Income Tax (Appeals), 4. Vijayawada. ववभधगीय प्रनतननधध, आयकर अऩीऱीय अधधकरण, ववशधखधऩटणम/ DR, ITAT, 5. Visakhapatnam गधर्ा फ़धईऱ / Guard file 6. आदेशधनुसधर / BY ORDER

Sr. Private Secretary ITAT, Visakhapatnam

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