2026 (8) TMI 1824

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.... Assessee has raised the following grounds of appeal: "1. The order of the learned Commissioner of Income Tax (Appeals) is contrary to the facts and also the law applicable to the facts of the case. 2. The learned Commissioner of Income Tax (Appeals) is not justified in sustaining the addition of Rs. 10,22,756 made by the assessing officer u/s 69A of the Act towards alleged unexplained cash deposits in the bank account. 3. Any other ground that may be urged at the time of appeal hearing." 3. The brief facts of the assessee are that, assessee is an individual, Managing Partner of M/s.Vishnu Chaitanya Chillies Traders, filed his return of income for the A.Y. 2017-18 on 20.08.2018 declaring total income at Rs. 3,5....

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....the explanation of the assessee, and, according to the Ld.AO, the assessee has not furnished any instrument/agreement regarding the arrangement and terms and conditions of the loan repayment of Rs. 10,22,756/- and further not furnished any relevant supporting evidences to prove the warehouse receipts and corresponding sale of chillies in the subsequent period. 5. Aggrieved by the Assessment Order, the assessee preferred appeal before Ld. CIT(A). Before the Ld. CIT(A), the assessee has reiterated the submissions made before the Ld.AO and argued that the assessee has availed loan from Bank of Baroda against warehouse receipts and the chillies stored in warehouse has been subsequently sold through M/s.Vishnu Chaitanya Chillies Traders for w....

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....f at all, additions is confirmed then tax should be charged at normal rate of tax as per the provisions of section 115BBE of the Act which is applicable for the A.Y.2017-18 but not as per the amended provisions of section 115BBE of the Act w.e.f. 01.04.2017 because the amended provisions of section is applicable from A.Y.2018-19 onwards as held by the Hon'ble Rajasthan High Court in the case of Deepak Maratha v. Pr. CIT-II, Jodhpur in Civil writ Petition No. 3625/2020 dated 27.05.2026. 9. Learned Senior AR for the Revenue, Shri A.P.Babu, Sr.AR, on the other hand supporting the order of the Ld. CIT(A), submitted that, the transactions between the assessee and the partnership firm M/s.Vishnu Chaitanya Chillies Traders is a related party tr....