Puneet Utreja Vs ITO (ITAT Delhi)
In the case of Puneet Utreja vs. ITO, ITAT Delhi has overturned a decision by the CIT(A) and Assessing Officer (AO), directing the deletion of an addition made to the assessee’s income for the assessment year 2017-18. The appeal was filed against an order where the AO had added INR 16,20,000 deposited during the demonetization period to the assessee’s income, claiming it as unexplained. The AO’s decision was based on the assumption that the source of cash deposits was unclear, despite the assessee’s explanation that the cash was from term deposit maturities. ITAT Delhi found that the lower authorities failed to adequately address the assessee’s explanation or provide evidence to dispute it. The Tribunal noted that the cash withdrawals and deposits matched, supporting the assessee’s claim. Citing previous rulings, ITAT Delhi ruled that the addition was based on suspicion rather than concrete evidence and directed the AO to remove the addition. The appeal was allowed, marking a significant relief for the assessee.
FULL TEXT OF THE ORDER OF ITAT DELHI
The present appeal filed by the assessee is directed against the order passed by Ld.CIT(A), National Faceless Appeal Centre (“NFAC”), Delhi dated 05.03.2021 for the assessment year 2017-18.
