BAKSHISH SINGH V. INCOME TAX OFFICER,

ITA/91/2024

AI Insights

The case involves an appeal by Bakshish Singh against the order of the Income Tax Appellate Tribunal, Chandigarh, which was upheld by the CIT(A). The primary issue in the appeal was the treatment of Rs.2,25,000 as an opening cash balance. Both the CIT(A) and the Tribunal concluded that this amount had been withdrawn in the earlier year. Additionally, the claim of Rs.24,00,000 as cash in hand was found to be merely an account transfer, with no actual cash in hand. The High Court dismissed the appeal, agreeing with the lower authorities' findings and rejecting the appellant's arguments.

• Counselvise Citation: [2024] 140 COUNSELVISE.COM (IT) 749494 (HC-MISC)
• Appeal Type: Others
• Pronouncement Date: 27-08-2024
• Assessment Year: misc
• Laws Referred To: Income Tax Act
• Result in Favour of: Revenue
• Court: HIGH COURT
• Assessee Lawyers: MANINDER ARORA
• Keywords: Appeal dismissed; Cash Balance; Income Tax
• Section: 260-A

Judgement Text

"ITA No.91 of 2024 141 IN THE HIGH COURT OF PUNJAB AND HARYANA AT Bakshish Singh Income Tax Officer, Chandigarh CORAM: HON’BLE MR. JUSTICE SANJEEV PRAKASH SHARMA HON’BLE MR. JUSTICE Present: Mr **** SANJEEV PRAKASH SHARMA, J.(Oral) 1. Present appeal has been filed Tax Act, against the order dated 13.03.2024 (Annexure A Income Tax Appellate Tribunal, Chandigarh. 2. The only question whic Appellate Tribunal, Chandigarh was with (two lakh twenty five thousand) as a factually the CIT (A) as well as the Income Tax Appellate Tribunal has reached to the conclusion that the amount of Rs.2,25,000/ in the earlier year itself. The remaining cash in hand claimed of Rs.24,00,000/ and infact there was no cash in hand. ITA No.91 of 2024 IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH Bakshish Singh Vs. Income Tax Officer, Chandigarh **** HON’BLE MR. JUSTICE SANJEEV PRAKASH SHARMA HON’BLE MR. JUSTICE SANJAY VASHISTH **** Mr. Maninder Arora, Advocate for the petitioner. **** SANJEEV PRAKASH SHARMA, J.(Oral) Present appeal has been filed under Section 260 Tax Act, against the order dated 13.03.2024 (Annexure A Income Tax Appellate Tribunal, Chandigarh. The only question which was raised before the Income T Appellate Tribunal, Chandigarh was with regard to treating Rs.2,25,000/ (two lakh twenty five thousand) as an opening cash balance, however, factually the CIT (A) as well as the Income Tax Appellate Tribunal has reached to the conclusion that the amount of Rs.2,25,000/ earlier year itself. The remaining cash in hand claimed of Rs.24,00,000/- (twenty four lacs), was also found to be only account transfer and infact there was no cash in hand. Page 1 of 2 IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH ITA-91-2024 Date of Decision: 27.08.2024 . . . . APPELLANT . . . . RESPONDENT HON’BLE MR. JUSTICE SANJEEV PRAKASH SHARMA SANJAY VASHISTH , Advocate for the petitioner. SANJEEV PRAKASH SHARMA, J.(Oral) under Section 260-A of the Income Tax Act, against the order dated 13.03.2024 (Annexure A-3), passed by the h was raised before the Income Tax regard to treating Rs.2,25,000/- opening cash balance, however, factually the CIT (A) as well as the Income Tax Appellate Tribunal has reached to the conclusion that the amount of Rs.2,25,000/- stood withdrawn earlier year itself. The remaining cash in hand claimed of (twenty four lacs), was also found to be only account transfer 2024 .2024 APPELLANT RESPONDENT A of the Income 3), passed by the ax - opening cash balance, however, factually the CIT (A) as well as the Income Tax Appellate Tribunal has stood withdrawn earlier year itself. The remaining cash in hand claimed of (twenty four lacs), was also found to be only account transfer RASHMI 2024.08.28 15:53 I attest to the accuracy and integrity of this document ITA No.91 of 2024 3. The factual findings arrived at by the Income Tax Appellate Tribunal, Chandi Court. Moreover, the present appeal is misconceived and is hereby dismissed. August 27, 2024 Rashmi 1. Whether speaking/reasoned? 2. Whether reportable? ITA No.91 of 2024 The factual findings arrived at by the Income Tax Appellate Tribunal, Chandigarh and CIT(A), does not warrant any interference by this Court. Moreover, the present appeal is misconceived and is hereby dismissed. (SANJEEV PRAKASH SHARMA , 2024 1. Whether speaking/reasoned? Yes/No 2. Whether reportable? Yes/No Page 2 of 2 The factual findings arrived at by the Income Tax Appellate garh and CIT(A), does not warrant any interference by this Court. Moreover, the present appeal is misconceived and is hereby dismissed. SANJEEV PRAKASH SHARMA) JUDGE (SANJAY VASHISTH) JUDGE Yes/No Yes/No The factual findings arrived at by the Income Tax Appellate garh and CIT(A), does not warrant any interference by this Court. Moreover, the present appeal is misconceived and is hereby dismissed. RASHMI 2024.08.28 15:53 I attest to the accuracy and integrity of this document "