Date Filed: February 18, 2019
Assessment Year: 2009-10
Order Type: Final Tribunal Order
Date of Order: October 25, 2022
Pronounced On: October 25, 2022
This appeal by Mahesh Chand challenges the order of the learned Commissioner of Income-tax (Appeals), Ghaziabad, dated December 3, 2018, for the assessment year 2009-10, regarding an addition of Rs. 12,60,000 as unexplained cash credit under Section 69 of the Income-tax Act, 1961.
The case originated from AIR information indicating cash deposits by the assessee in his bank account, which were treated as unexplained since no one attended the initial proceedings, leading to an ex parte assessment. The CIT(A) upheld this addition, and the matter escalated to the Income Tax Appellate Tribunal.
The appellant argued that the cash deposits were from withdrawn amounts and agricultural income, supported by evidence of land ownership and bank withdrawals before the deposits. Despite this, the CIT(A) dismissed the appeal without properly considering these submissions.
The Tribunal observed that the assessee provided substantial evidence supporting his claims of agricultural income and prior cash withdrawals, which the lower authorities failed to adequately consider. The Tribunal thus directed the Assessing Officer to delete the addition, allowing the appeal in favor of the assessee.
Unexplained Cash Credit Challenge: ITA 1349/DEL/2019 – Mahesh Chand vs. ITO Ward 2(3), Bulandshahr
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