Golden vs Income-tax Officer

PER SATBEER SINGH GODARA, JM:

This assessee’s appeal ITA no. 5197/Del/2025 for assessment year 2017-18 arises against CIT(A)/ NFAC, Delhi’s order dated 19.10.2023 (DIN & Order No. ITBA/NFAC/S/250/2023-24/1057215328(1), in proceedings u/s 143(3) of the Income-tax Act, 1961, hereinafter referred to as the ‘Act’.

Heard both the parties. Case file perused.

Coming to the sole substantive issue between the parties herein, it transpires during the course of hearing that both the learned lower authorities have treated the assessee’s cash deposits of Rs. 39,26,500/- during demonetization as unexplained u/s 68 read with section 115BBE of the Act, in assessment order dated 28.12.2019 as upheld in lower appellate discussion.

That being the case, learned counsel has invited tribunal’s attention to the assessee’s additional evidence application seeking to place on record his relevant explanation duly supported by documents that he could not plead and prove all the relevant facts before the lower authorities.

The Revenue could hardly dispute that the assessee’s additional evidence, sought to be admitted herein goes to root of the matter which accordingly deserves to be admitted therefore. It is further deemed appropriate in the larger interest of justice to remit the same back to the learned assessing authority for its afresh adjudication after all factual verification(s) subject to a rider that the assessee herein shall himself plead and prove all the relevant facts at his own risk and responsibility, preferably within three effective opportunities, in consequential proceedings. Ordered accordingly.

This assessee’s appeal ITA No. 5197/Del/2025 is allowed for statistical purposes.