Mohd Farooque Rafique Bagban, Nandurbar V. Income Tax Officer, Ward-1, Dhule, Dhule

ITA 485/PUN/2024

• Counselvise Citation: [2024] 101 COUNSELVISE.COM (IT) 7264 (ITAT-PUNE)
• Duration Of Justice: 1 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-05-2024
• Appeal Filed By: Assessee
• Order Result: PartlyAllowed
• Bench Allotted: SMC
• Assessment Year: 2017-2018
• Appeal Filed On: 11-03-2024
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: KALPESH KUMAR RUPAVATIYA
• Keywords: Unexplained cash credit

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE “SMC” BENCH : PUNE BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER I.T.A.No.485/PUN./2024 Assessment Year 2017-2018 Mohd Farooque Mohd Rafique Bagban, Fruit Merchant Bagwan Galli, Shahada Nandurbar. PIN – 425 409. PAN AJDPB2200K Maharashtra. vs. The Income Tax Officer, Ward-1, Aayakar Bhavan, Opp. MSEB, Sakri Road, DHULE – 424 001. Maharashtra. (Appellant) (Respondent) For Assessee : Smt. Deepa Khare For Revenue : Shri Kalpesh Kumar Rupavatiya Date of Hearing : 06.05.2024 Date of Pronouncement : 10.05.2024 ORDER PER SATBEER SINGH GODARA, J.M. : This assessee’s appeal for assessment year 2017-18, arises against the National Faceless Appeal Centre [in short the “NFAC”] Delhi’s Din and Order No. ITBA/NFAC/S/250/2023- 24/1054774826(1), dated 01.08.2023, in proceedings u/s.143(3) of the Income Tax Act, 1961 (in short “the Act”). Heard both the parties. Case file perused. 2. It emerges during the course of hearing that the assessee’s sole substantive ground canvassed in the instant appeal challenges correctness of both the learned lower authorities action making sec.68 r.w.s.115BBE unexplained cash credit(s) addition of Rs.4,04,500/- representing demonetized currency deposited in his bank account(s) in the months of November and December, 2016. It 2 ITA.No.485/PUN./2024 transpires from the Assessing Officer’s detailed discussion in para-5 page-4 that all what he has done is to accept the assessee’s cash deposits up-to 30 th November, 2016 as duly explained and balance of the impugned sum coming to Rs.4,04,500/- in December, 2016 as unexplained cash credit(s). The same appears to be without any justification since he has not even considered the assessee’s socio economic status whilst treating 30 th November, 2016 as the benchmark date in foregoing terms. The fact also remains that the assessee could not explain the source of the impugned cash deposits made in the month of December, 2016. Faced with this situation and in the larger interest of justice; it is deemed appropriate that a lump sum addition of Rs.2 lakhs only out of that in question of Rs.4,04,500/- (supra) would be just and proper with a rider that the same shall not be treated as a precedent in any other case. The assessee gets relief of Rs.2,04,500/- in otherwords. Necessary computation shall follow as per law. Ordered accordingly. 4. This assessee’s appeal is partly allowed in above terms. Order pronounced in the open Court on 10.05.2024. Sd/- [SATBEER SINGH GODARA] JUDICIAL MEMBER Pune, Dated 10 th May, 2024 VBP/- Copy to 1. The appellant 2. The respondent 3. The Pr. CIT, Pune concerned 4. D.R. ITAT, “SMC” Bench, Pune. 5. Guard File. //By Order// //True Copy// Sr. Private Secretary, ITAT, Pune Benches, Pune.