Ashish Goel vs Income Tax Officer

This assessee’s appeal for Assessment Year 2012-13, arises against the CIT(A)/NFAC, Panaji’s DIN & order No. ITBA/APL/S/250/2025-26/1083609158(1), dated 12.12.2025 in proceedings u/s 147 r.w.s. 144 of the Income Tax Act, 1961 (in short “the Act”).

Heard both the parties. Case file perused.

It transpires during the course of hearing that both the lower authorities have made Section 69A addition of Rs.7 lakhs treating cash deposits in his hands in the assessment order dated 15.11.2019 as upheld in the lower appellate discussion.

It is in this factual backdrop that the assesse is in appeal in the tribunal. He had also declared his income under presumptive taxation scheme under Section 44ADtreating the very same amount as his regular business turnover which has nowhere been specifically rejected by the Assessing Officer. I therefore find merit in the assessee’s contention that since he declared a business turnover under presumptive taxation scheme under Section 44AD of the Act, the addition made in his hands qua cash deposits of Rs.7 lakhs as unexplained money is not justified. The same stands deleted therefore.

This assessee’s appeal is allowed.