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Judgment
This assessee’s appeal for Assessment Year 2017-18 arises against the Addl./JC IT(A)-1, Visakhapatnam’s DIN & order No. ITBA/APL/S/250/2025-26/1083034463(1) dated 26.11.2025, in proceedings u/ s 143(3) of the Income Tax Act, 1961 (in short “ the Act”).
Heard both the p arties at length. Case file perused.
It emerges during the cour se of hearing that the learned Assessing Officer appears to have framed his impugned assessment in the assessee’ s case on 18.12.2019 asse ssing her cash deposits during demonetization amounting to Rs.27,00,000/- as unexplained; which in turn, have been subjected to 10% addition thereof in the lower appellate findings; coming to Rs.3,02,700/- in issue.
This is what leaves the assessee aggrieved.
Faced with this situation, learne d counsel has invited the tribunal’s attention not only to assessee’s balance sheet in the preceding assessment year declar ing cash in hand amounting to Rs.32,42,000/- but also the same stood accepted in the assessment order dated 20.12.2018. The necessary inference which would arise in the given facts is that the asse ssee has re-deposited her cash in hand this could not have been assessed at a flat rate of 10% in the lower appellate discussion. T he impugned addition stand deleted.
This assessee’s appeal is allowed.