SUNIL JAYANTILAL SACHDEV,HYDERABAD V. ITO, WARD-4(1), HYDERABAD

ITA 1018/HYD/2024

AI Insights

The case involves Sunil Jayantilal Sachdev, who did not file his income tax return for the assessment year 2017-18. The Assessing Officer, upon discovering cash deposits in Sachdev's bank account during the demonetization period, issued a notice under section 142(1) of the Income Tax Act, 1961, which Sachdev failed to comply with. Consequently, a 'Best Judgement Assessment' was made under section 144, taxing the unexplained cash deposits of Rs. 37,12,324. The CIT (A) upheld this decision but directed the Assessing Officer to correct the figures of the cash deposits. Sachdev appealed to the Tribunal, which remanded the case back to the Assessing Officer for a de novo assessment.

• Counselvise Citation: [2024] 140 COUNSELVISE.COM (IT) 473250 (ITAT-HYDERABAD)
• Duration Of Justice: 29 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 06-11-2024
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Next Hearing Date: 06-11-2024
• Assessment Year: 2017-2018
• Appeal Filed On: 08-10-2024
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: S.RAMA RAO
• Keywords: Set aside
• Section: 142(1); 139

Judgement Text

" ITA No 1018 of 2024 Sunil Jayantilal Sachdev Page 1 of 3 आयकर अपीलȣय अͬधकरण, हैदराबाद पीठ IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad ‘SMC‘ Bench, Hyderabad Before Shri INTURI RAMA RAO. Accountant Member आ.अपी.सं /ITA No.1018/Hyd/2024 (िनधाŊरण वषŊ/Assessment Year: 2017-18) Shri Sunil Jayantilal Sachdev Hyderabad PAN:AVFPS5205H Vs. Income Tax Officer Ward 4 ( 1 ) Hyderabad (Appellant) (Respondent) िनधाŊįरती Ȫारा/Assessee by: Shri S. Rama Rao, Advocate राज̾ व Ȫारा/Revenue by:: Shri Aravindakshan, DR सुनवाई की तारीख/Date of hearing: 06/11/2024 घोषणा की तारीख/Pronouncement: 06/11/2024 आदेश/ORDER This appeal filed by the assessee is directed against the order dated 30/08/2024 of the learned CIT (A)-NFAC Delhi, relating to A.Y.2017-18. 2. The brief facts of the case are that the assessee is an individual, had not filed his return of income for the A.Y under consideration u/s 139 (1) of the I.T. Act, 1961. The Assessing Officer on receipt of information that the appellant had made cash deposits in the Bank Account maintained with AXIS Bank during the demonetization period, issued notice u/s 142(1) of the ITA No 1018 of 2024 Sunil Jayantilal Sachdev Page 2 of 3 I.T. Act, 1961 and calling upon the appellant to file return of income. The appellant neither complied with the notices nor appeared before the Assessing Officer. Under the circumstances, the Assessing Officer was constrained to complete the ”Best Judgement Assessment” u/s 144, by bringing to tax cash deposits as unexplained income of Rs.37,12,324/-. 3. Being aggrieved, the assessee preferred an appeal before the learned CIT (A) who, vide impugned order, while confirming the action of the Assessing Officer, however, directed the Assessing Officer to adopt the correct figure of the cash deposits. Accordingly, the learned CIT (A) set aside the matter to the Assessing Officer. 4. Being aggrieved, the assessee is in appeal before the Tribunal. 5. The learned Counsel for the assessee submitted that the assessee had filed detailed explanation as to the source of the cash deposits into AXIS Bank and the learned NFAC without adverting to the submissions and evidences submitted by the assessee merely confirmed the action of the Assessing Officer. Thus, the learned Counsel for the assessee prayed that the matter may be remanded back to the file of the Assessing Officer for proper verification of the evidence and de novo assessment for which the learned DR has no serious objection. Hence, I set aside ITA No 1018 of 2024 Sunil Jayantilal Sachdev Page 3 of 3 the matter back to the file of the Assessing Officer for proper verification of the evidences filed by the assessee before the learned CIT (A) after affording reasonable opportunity of being heard to the assessee. 6. In the result, appeal filed by the assessee is partly allowed for statistical purposes. Order pronounced in the Open Court on 6th November, 2024. Sd/- (INTURI RAMA RAO) ACCOUNTANTMEMBER Hyderabad, dated 6th November, 2024. Vinodan/sps Copy to: S.No Addresses 1 Shri Sunil Jayantilal Sachdev, 3-6-175, Hyderguda, Hyderabad 500029 2 Income Tax Officer Ward 4(1) Hyderabad 3 Pr. CIT – Hyderabad 4 DR, ITAT Hyderabad Benches 5 Guard File By Order "