Appeal partially allowed: cash deposit deletion, improvement cost confirmed. Delay condoned due to counsel's advice. Decision on March 1, 2023. The Tribunal partly allowed the appeal by directing the deletion of the addition on account of cash deposits while confirming the addition on account of ...
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Appeal partially allowed: cash deposit deletion, improvement cost confirmed. Delay condoned due to counsel's advice. Decision on March 1, 2023.
The Tribunal partly allowed the appeal by directing the deletion of the addition on account of cash deposits while confirming the addition on account of the cost of improvement. The delay in filing the appeal was condoned due to wrong advice from the counsel, and the decision was pronounced on March 1, 2023.
Issues: 1. Delay in filing the appeal 2. Addition on account of cash deposits 3. Addition on account of cost of improvement
Delay in filing the appeal: The appeal was filed with a delay of 1058 days, which was attributed to wrong advice from the counsel. The appellant relied on judicial precedents to support the claim that wrong advice can be considered a reasonable cause for delay. The Tribunal, considering the explanation provided, condoned the delay and proceeded to dispose of the appeal.
Addition on account of cash deposits: The appellant's income tax assessment for the year 2014-15 was completed ex-parte, with additions made on account of unexplained cash deposits and capital gains. The appellant explained that the cash deposits were from withdrawals made by his father, supported by bank statements and a confirmation letter. The CIT(A) rejected the explanation regarding cash from the father but accepted the explanation for other amounts. The Tribunal, after reviewing the evidence, found the explanation plausible and directed the Assessing Officer to delete the addition of Rs.15,00,000 made on account of cash deposits.
Addition on account of cost of improvement: Regarding the addition on account of cost of improvement, the appellant failed to produce evidence supporting the claimed amount. Consequently, the Tribunal confirmed the addition of Rs.4,12,000. Therefore, the ground of appeal related to the cost of improvement was dismissed.
In conclusion, the Tribunal partly allowed the appeal, directing the deletion of the addition on account of cash deposits while confirming the addition on account of the cost of improvement. The delay in filing the appeal was condoned, and the decision was pronounced on March 1, 2023.
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