Keshavlal Ishwardas Thakkar Vs DCIT (ITAT Ahmedabad)
ITAT Ahmedabad held that addition under section 69 of the Income Tax Act towards cash deposit in bank not justified since it is proved that cash was deposited out of the sale of agricultural land. Accordingly, addition u/s. 69 deleted.
Facts- Based on the cash deposits found in the bank account of the assessee, an addition of Rs.52,40,000/- has been made by the Assessing Officer u/s 69 of the Act. The addition, being the cash deposited during demonetization period, has been confirmed by CIT(A). Being aggrieved, the present appeal is filed.
Conclusion- Held that the assessee had money in his possession has been proved, it can be considered that the same money has been deposited by the assesse in the month of November 2016 after completion of the registration process. In view of these facts, the addition made by the Assessing Officer of Rs.52,40,000/- under Section 69 is hereby directed to be deleted.
FULL TEXT OF THE ORDER OF ITAT AHMEDABAD
This appeal has been filed by the assessee against the order passed by the Ld. Commissioner of Income-tax (Appeals), National Faceless Appeal Centre [NFAC], Delhi (hereinafter referred to as “CIT(A)” for short), dated 03.07.2024 passed under Section 250 of the Income-tax Act, 1961 [hereinafter referred to as “the Act” for short], for Assessment Year (AY) 2017-18.
