Kalpana Reddy , Secunderabad V. Income Tax Officers ,(Int Taxn )-2, Hyderabad

ITA 40/Hyd/2022

• Counselvise Citation: [2022] 105 COUNSELVISE.COM (IT) 6436 (ITAT-HYDERABAD)
• Duration Of Justice: 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 20-03-2022
• Appeal Filed By: Assessee
• Order Result: PartlyAllowed
• Bench Allotted: SMC
• Assessment Year: 2017-2018
• Appeal Filed On: 22-02-2022
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 143(3); 69A

Judgement Text

ITA IT No40 of 2022 Kalpana Reddy Secunderabad Page 1 of 3 IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad ‘ SMC ‘ Bench, Hyderabad Before Shri S.S. Godara, Judicial Member ITA (IT) No.40/Hyd/2022 Assessment Year: 2017-18 Mrs. Kalpana Reddy, Secunderabad PAN:AKUPR4342L Vs. Income Tax Officer International Taxation-2 Hyderabad (Appellant) (Respondent) Assessee by: Sri Satyanarayana Moorthy Revenue by : Sri Venkanna Tejwath, Sr DR Date of hearing: 15/03/2022 Date of pronouncement: 21/03/2022 ORDER This assessee’s appeal for the A.Y 2017-18 arise against the CIT(A)-10, Hyderabad’s order dated 07.01.2022 passed in case No.ITBA/APL/S/250/2021-22/1038541186(1) in proceedings u/s 143(3) of the Income Tax Act, 1961 (“the Act”). Heard both the parties. Case file perused. 2. The assessee’s sole substantive ground raised in the instant appeal challenge correctness of both the learned lower authorities action making 69A additions of cash deposit during demonetization amounting to Rs.9,50,000/- in the course of assessment framed on 7.12.2019 as upheld in the CIT (A) order. 3. It emerges at the outset that this assessee is assessed as a non-resident throughout. Her sole substantive argument is ITA IT No40 of 2022 Kalpana Reddy Secunderabad Page 2 of 3 that the impugned cash deposit had been made from the cash withdrawals of Rs.20,00,000/- as on 19.4.2013 which remained unutilized during all the intervening period. 4. I have given my thoughtful consideration of the rival contentions against and in support of the impugned addition and find no merit in either parties stand(s) in entirety. This is for the clinching reason that neither the assessee has completely reconciled the impugned cash deposits to her foregoing withdrawals involving a long gap of almost more than three and half years, nor the Revenue fails to rebut the clinching fact that this taxpayer is settled abroad without having any day-to-day expenses in India per se. All this leads to a presumption that this assessee had some unutilized cash withdrawals which were later deposited during subject matter of the instant lis. Faced with this situation, I deem it proper that a lumpsum addition of Rs.3.50 lakhs out of Rs.9,50,000/- would be just and proper with a rider that the same shall not be a precedent. Necessary computation shall follow as per law. The assessee gets relief of Rs.6,00,000/-. 5. This assessee’s appeal is partly allowed in above terms. Order pronounced in the Open Court on 21 st March,2022. Sd/- Hyderabad, dated 21 st March, 2022. Vinodan/sps (S.S. GODARA) JUDICIAL MEMBER ITA IT No40 of 2022 Kalpana Reddy Secunderabad Page 3 of 3 Copy to: S.No Addresses 1 Mr.Smt. Kalpana Reddy, C/o Venugopal & Chenoy, C.A. Tilak Road, Hyderabad 500001 2 Income Tax Officer (International Taxation)-2Hyderabad 3 CIT (A)-10, Hyderabad 4 CIT (IT& TP)- Hyderabad 5 DR, ITAT Hyderabad Benches 6 Guard File By Order