2023 (12) TMI 656

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.... order dated 13.04.2023 of the Income Tax Appellate Tribunal, whereby the appeal bearing no. ITA 123/Del/2021 pertaining to the Assessment Year 2017-18 filed by the present respondent/assessee was allowed. On advance notice, the assessee entered appearance through counsel. We heard learned counsel for both sides. 2. According to the appellant/revenue, this appeal raises for our consideration the following questions of law: "A. Whether on the facts and in the circumstances of the case and in law, the Hon'ble ITAT is justified in holding that Section 69A is not applicable to the present case? B. Whether on the facts and in the circumstances of the case and in law, the Hon'ble ITAT is justified in deleting the addition of ....

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....eporting of interest and an amount of Rs. 4,69,335/- towards deemed dividend under Section 2(22)(e) of the Act. Feeling aggrieved, the respondent/assessee filed an appeal to the limited extent of assailing the addition made under Section 69A of the Act. The said appeal of the respondent/assessee was partly allowed by the Commissioner Income Tax (Appeals) vide order dated 31.12.2020, thereby deleting out of the impugned addition of Rs. 1,40,09,733/- the inter-bank transfer of Rs. 5,00,000/- and the income tax refund of Rs. 2,84,200/-. Against the said order of CIT(A), the respondent/assessee filed second appeal before the Income Tax Appellate Tribunal, which appeal was allowed by way of the impugned order, thereby deleting completely the add....

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....earned counsel for appellant/revenue also contended that the deletions made in the impugned order are not supported by any evidence on record. On the other hand, learned counsel for respondent/assessee supported the impugned order and contended that no substantial question of law arises for consideration of this court under Section 260A of the Act. 6. The provision under Section 69A of the Act basically deals with unexplained money etc. to be considered in the exercise of aggregation of income under Chapter VI of the Act. Section 69A of the Act lays down that where in any financial year, the assessee is found to be the owner of any money, bullion, jewellery or other valuable article and such money etc. is not recorded in the books of acc....