Appeal filed by Om perkash has been allowed for statistical puposes.

Last updated: 19 January 2021

Save Share

Quick Summary

The Income Tax Appellate Tribunal, Delhi Bench, has allowed the appeal filed by Om Perkash for the assessment year 2014-15 for statistical purposes. The appeal contested additions made by the Assessing Officer and affirmed by the CIT(A), particularly concerning cash deposits treated as unexplained credits under Section 68 of the Income Tax Act.

Court :
ITAT New Delhi

Brief :
This is an appeal filed by the assessee against the order of the ld CIT(A)-11, New Delhi dated 18.01.2017 for the Assessment Year 2014-15.

Citation :
ITA No. 7129/Del/2017

INCOME TAX APPELLATE TRIBUNAL
DELHI BENCH “E”: NEW DELHI

BEFORE SHRI H. S. SIDHU, JUDICIAL MEMBER
AND
SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER
(Through Video Conferencing)

ITA No. 7129/Del/2017
(Assessment Year: 2014-15)

Om Perkash,
D-81-B, 1st Floor, Krishna Park,
Devil Road, Khanpur, New Delhi
PAN: CGAPP7828M
(Appellant)

Vs.

ITO,
Ward-31(4),
New Delhi
(Respondent)

Assessee by : Shafiq Khan, Adv
Revenue by: Shri Gayasuddin Ansari, Sr. DR

Date of Hearing 18/11//2020
Date of pronouncement 28/12/2020

O R D E R

PER PRASHANT MAHARISHI, A. M.

1. This is an appeal filed by the assessee against the order of the ld CIT(A)-11, New Delhi dated 18.01.2017 for the Assessment Year 2014-15.

2. The assessee has raised the following grounds of appeal:-

“1. That the impugned Assessment Order dated 19-12-2016 passed by Ld. Assessing Officer, Ward 31(4), New Delhi is bad in law becausewhimsical and arbitrary additions has been made which was subsequently affirmed/upheld by Ld. CIT(Appeal)ll, New Delhi withoutany justifiable basis/rational approach although instruction as set outin Notification No. 73/16/68/IT/A.II dated 03-02-1969 issued byMinistry of Finance (Department of Revenue & Insurance), New Delhi were duly met out/complied.

2. That the Ld. Assessing Officer, Ward 31(4), New Delhi erred in law andin fact in making addition of Rs.49,50,000/-(Forty Nine Laces Fifty Thousand Only)by treating ""^Cash Deposit as Unexplained CashCredits U/s.68^of The Income Tax, 1961 although all pertinent evidence regarding Source and arrangements of funds were dulyexplained and placed on record to the satisfaction of the Ld. AssessingOfficer which was wrongly and injudiciously affirmed/upheld by the Ld. CIT(Appeal)l 1, New Delhi.

To know more in details find the attachment file

FAQ :

The appeal filed by Om Perkash has been allowed for statistical purposes.

This appeal relates to the assessment year 2014-15.

The main ground of appeal was that the Assessing Officer made arbitrary additions, treating a cash deposit of Rs. 49,50,000 as unexplained cash credits under Section 68, despite the assessee providing evidence regarding the source of funds.

The tribunal consisted of Shri H. S. Sidhu, Judicial Member, and Shri Prashant Maharishi, Accountant Member.

The order was pronounced on 28th December 2020.