Babu Umamaheswari, Chennai V. ITO, NCW-9(5), Chennai

ITA 1080/CHNY/2024

• Counselvise Citation: [2024] 130 COUNSELVISE.COM (IT) 2046 (ITAT-CHENNAI)
• Duration Of Justice: 4 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-09-2024
• Appeal Filed By: Assessee
• Order Result: PartlyAllowed
• Bench Allotted: C
• Next Hearing Date: 25-08-2024
• Assessment Year: 2017-2018
• Appeal Filed On: 16-04-2024
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: R. ANITA LD.
• Assessee Lawyers: LEKHA LD
• Keywords: Gift
• Section: 69

Judgement Text

1 आयकर अपीलीय अिधकरण “सी” ायपीठ चे ई म । IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, CHENNAI माननीय ी महावीर िसंह, उपा एवं माननीय ी मनोज कु मार अ%वाल ,लेखा सद( के सम । BEFORE HON’BLE SHRI MAHAVIR SINGH, VP AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM आयकरअपील सं./ ITA No.1080/Chn y/2024 (िनधा)रण वष) / As sessment Year: 2017-18) Mrs. Babu Umamaheswari #72, Singanna Chetty Street , Chintadripet,Chennai-600 002. बनाम/ Vs . ITO Non-Corporate Ward-9(5) Chennai. थायीलेखासं./जीआइआरसं./PAN/GIR No. AEFPU-6887-A (अपीलाथ /Appellant) : ( थ / Respondent) अपीलाथ कीओरसे/ Appellant by : Ms. Lekha (CA)-Ld.AR थ कीओरसे/Respondent by : Ms. R.Anita (Addl.CIT) -Ld.Sr. DR सुनवाईकीतारीख/Date of Hearing : 26-08-2024 घोषणाकीतारीख /Date of Pronouncement : 04-09-2024 आदेश / O R D E R Manoj Kumar Aggarwal (Accountant Member) 1. Aforesaid appeal by assessee for Assessment Year (AY) 2017-18 arises out of the order of learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi [CIT(A)] dated 27-02-2024 in the matter of an assessment framed by Ld. Assessing Officer [AO] u/s.143(3) of the Act on 05-12-2019. In this appeal, the assessee is aggrieved by addition of Rs.25.00 Lacs u/s. 69 on account of unexplained cash credits. The Ld. AR placed on record various document to explain the sources of cash deposits. The Ld. Sr. 2 DR has pleaded for confirmation of impugned order. Having heard rival submissions and upon perusal of case records, the appeal is adjudicated as under. 2. The assessee deposited cash of Rs.25 Lacs during demonetized period and submitted that the same was sourced from cash-in-hand, loans, family settlements and gifts etc. However, the assessee could not fully substantiate the same. Only few confirmations could be filed. The nature of income earned by the assessee was stated to be printing job work receipts. The assessee could not submit details of cash-in-hand. Under these circumstances, the amount of Rs.25 Lacs was added as unexplained cash credit u/s 69. The Ld. CIT(A) confirmed the same against which the assessee is in further appeal before us. 3. Form the record, it would emerge that the assessee is a regular Income Tax Payee and earning income from printing job work. For this year, the assessee has filed return of income at Rs.4.98 Lacs. The assessee is stated to have deposited cash of Rs.4.20 Lacs out of her own savings. The amount of Rs.10 Lacs is stated to have been received from siblings on family settlement which is supported by confirmation letters. The assessee is stated to have taken loan of Rs.8.50 Lacs from an agriculturist and the same is supported by confirmation letter. The amount of Rs.2.30 Lacs is stated to be received in gift from her husband. However, the assessee has not filed financial statement of any of these persons to fully substantiate the same. On these facts, we are left with no option but to estimate the cash-in-hand that could be available with the assessee. Considering the above data and the returned income of the assessee, we would estimate that the cash deposits to the extent of Rs.5 Lacs have remained unsubstantiated. Therefore, the impugned 3 addition to that extent is sustained. The balance addition stand deleted. We order so. 4. The appeal stands partly allowed. Order pronounced on 4 th September, 2024 Sd/- Sd/- (MAHAVIR SINGH) (MANOJ KUMAR AGGARWAL) उपा45 / VICE PRESIDENT लेखा सद7 / ACCOUNTANT MEMBER चे9ई Chennai; िदनांक Dated :04-09-2024 DS आदेशकीIितिलिपअ%ेिषत/Copy of the Order forwarded to : 1. अपीलाथ /Appellant 2. थ /Respondent 3. आयकरआयुA/CIT Chennai. 4. िवभागीय ितिनिध/DR 5. गाडFफाईल/GF