RANJEET SINGH,LUCKNOW vs. D/ACIT-4, LUCKNOW
In the result, the appeal of the assessee is allowed for statistical purposes
ITA 331/LKW/2024[2017-18]Status: DisposedITAT Lucknow16 Oct 2025AY 2017-18
Bench: Sh. Kul Bharat & Sh. Nikhil Choudharya.Y. 2017-18 Ranjeet Singh, Vs. The Dcit / Acit-4, 459, Ameer Nagar, Aishbagh, Lucknow-226001 Lucknow-226004 Pan: Afsps0877G (Appellant) (Respondent) Assessee By: Sh. Rakesh Garg, Advocate Revenue By: Sh. Amit Kumar, Dr Date Of Hearing: 23.07.2025 Date Of Pronouncement: 16.10.2025 O R D E R Per Nikhil Choudhary, A.M.: This Is An Appeal Filed By The Assessee Against The Orders Of The Ld. Cit(A), Nfac Dated 22.03.2024, Wherein The Ld. Cit(A) Has Dismissed The Appeals Of The Assessee Against The Orders Of The Ld. Assessing Officer Passed On 21.12.2019. The Grounds Of Appeal Are As Under: - “01. Because The Cit(A) Has Erred On Facts & In Law In Upholding An Addition Of Rs.31,90,000/- Being Cash Deposited In Bank During Demonetization Period As Unexplained, The Same Is Contrary To Facts, Bad In Law, Be Deleted. 02. Because The Entire Cash Deposited In Bank Is Part Of The Sale Proceeds & Realization Of Debts, The Addition Made Is Purely On Suspicions & Surmises, Such Addition Is Contrary To Facts, Bad In Law, Be Deleted. 03. Because There Being No Change In The Method Of Accounting Regularly Followed By The Assessee & The Same Having Being Consistently Accepted, The Books Of Account Having Not Been Rejected, The Stock Tally Not Disputed, The Accounts Being Tax Audited, There Was No Reason For The Ao To Disbelieve The Cash Deposited In The Bank Treating The Same As Unexplained, The Addition Of Rs.31,90,000/- Upheld By The Cit(A) Be Deleted. 04. Because The Amount Of Rs.31,90,000/- Being Cash Deposited In Bank Being Part Of Sale Proceeds & Cash Receipts Already Charged To Revenue For The Purposes Of Computation Of Income, Separate Addition Of The Same Has Resulted Into Double Taxation, Not Permitted By Law, The Addition Made Be Deleted.
For Appellant: Sh. Rakesh Garg, AdvocateFor Respondent: Sh. Amit Kumar, DR
Section 142(1)Section 144Section 272A(1)(d)
…the ld. AO, after relying upon decision of the Hon’ble ITAT in the case of Kanu Kitchen Kulture (Pvt.) Limited vs. DCIT (2014) 49 taxman.com 64 (Delhi-Trib) and the Hon’ble Supreme Court in the case of CIT vs. Imperial Chemical Industries Pvt. Limited (1969) 74 ITR 17 (SC) made an addition of Rs. 13,82,437/- by disallowing 25 % of such expenses as unexplained. Accordingly, the assessee was assessed at an income of Rs. 64,77,110/-. 3. Aggrieved with the said order, the assesse went in appeal to the ld. CIT(A). The ld. CIT(A) recorded in his order that he had given six opportunities to the assessee to furnish subm…
