S.M.I.L.E Microfinance Ltd. v. ACIT

VENKATANARAYANA PEETHA,GUNTUR vs. INCOME TAX OFFICER, WARD-1, TENALI

In the result, the appeal of the assessee is partly allowed

Bench: the AO, an addition of Rs.12.51 lakhs was made u/s 69A of the Act. While concluding the assessment, the Ld.AO has mentioned that the assessee opened an account in the Corporation Bank, Brundavan Gardens, Guntur only during demonetisation period, which clearly exhibits and deemed that the assessee has accommodated others money to deposit in his bank account in the guise of sources emanated out of agricultural savings of him. It was also mentioned that the vague explanation given with regard

…आयकर अपीऱीय न्यायाधिकरण, विशाखापट्नम “एस एम् सी” बेंच में IN THE INCOME TAX APPELLATE TRIBUNAL Visakhapatnam “SMC” Bench, Visakhapatnam श्री विजय पाऱ राि, माननीय उपाध्यक्ष एिं श्री ओम्कारेश्िर चिदारा, माननीय ऱेखा सदस्य SHRI VIJAY PAL RAO, HON’BLE VICE PRESIDENT AND SHRI OMKARESHWAR CHIDARA, HON’BLE ACCOUNTANT MEMBER आयकर अपीलसं./I.T.A.No.731/Viz/2025 (निर्धारण वर्ा/ Assessment Year: 2017-18) Venkatanarayana Peetha Vs. Income Tax Officer Guntur Ward-1 Tenali PAN : BYSPP4577L (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) करदाता का प्रतततितित्व/ : Shri M.V.Prasad, CA Assessee Represented by राजस्व का प्रतततितित…