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Judgment
This assessee’s appeal for Assessment Year 2017-18, arises against the C IT(A)/NFAC, Delhi’s DIN & order No. ITBA/NFAC/S/250/2025-26/1082118099(1), date d 29.10.2025 in proceedings u/s 147 r.w.s. 144 of the Income Tax Act, 1961 (in short “the Act”).
Heard both the p arties. Case file perused.
Delay o f 46 days in filing the instant appeal is condoned in the larger interest of justice.
It emerges dur ing the course o f hearing that both the learned lower authorities have treated the assessee’s cash deposit during the demone tization period totaling to Rs.16.19 lakh as unexplained, in assessment order dated 3 0.03.2022 as upheld in the lower appellate d iscussio n.
That being the case, it is evident from the perusal of the assessee’s case record that he not only possesses agricultural lands stated to be admeasuring 21 bigha in his name but also the lower authorities have not considered his social eco nomic status accumulated past savings in his well as in his family members’ possession. The fact also remains that the assessee appears to have not been able to explain the same to the entire satisfaction of both the lower authorities.
Be that as it may, I deem it appropriate in the larger interest of justice that a lumpsum addition of Rs.4 lakh in the assessee’s hands would be just and proper with a rider that the same shall not be treated as a precedent. Necessary computat ion to follow as per law .
Learned counsel further quote s S.M.I.L.E. Micr ofinance Ltd. Vs. ACIT, W.P. (MD) No .2 078 of 2020 & 1742 of 2020, dated 19.11.202 4 (Madras) wherein their lordship has settled the issue that the impugned statutory provision of section 115BBE would come into effect on the transaction done on or after 01.04.2017. The assessee shall be assessed under “normal” provisio ns in very terms there fore.
This assessee’s appeal is partly allowed.