Smt. Parasmal Kamala Bai, CHENNAI V. ITO, CHENNAI

ITA 1078/CHNY/2012

• Counselvise Citation: [2012] 140 COUNSELVISE.COM (IT) 61360 (ITAT-CHENNAI)
• Duration Of Justice: 2 month(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-07-2012
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: B
• Assessment Year: 2008-2009
• Appeal Filed On: 18-05-2012
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: VI KRAMADITYA
• Assessee Lawyers: G BASKAR
• Keywords: Unexplained cash credit
• Section: 143(3); 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B B ENCH C HENN AI BEFORE DR .O.K.NARAYANAN, VICE PRESIDENT AND SHRI CHALLA NAGENDRA PRASAD, JUDICIAL MEMBER .. ITA NO. 1078 /MDS./ 20 12 ASSESSMENT YEAR: 200 8 - 2009 SMT.PARASMAL KAMALA BAI, 58,M.S.NAIDU STREET, OLD WASHERMENPET, CHENNAI 600 021. VS. THE INCOME TAX OFFICER, BUSINESS WARD VI(3), CHENNAI - 34. PAN AADPB 9256 G (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI G.BASKAR, ADVOCATE RESPONDENT BY : SHRI VIKRAMADITYA, JCIT D.R. DATE OF HEARING : 23 .0 7 .12 DATE OF PRONOUNCEMENT : 23 .0 7 .12 O R D E R PER DR .O.K.NARAYANAN, VICE PRESIDENT : THIS APPEAL IS FILED BY THE ASSESSEE. THE RELEVANT ASSESSMENT YEAR IS 2008 - 2009. T HE APPEAL IS DIRECTED AGAINST THE ORDER OF THE COMMISSIONER OF INCOME TAX (APPEALS) IX, ITA . 1078 /MDS/ 12 2 CHENNAI DATED 16.03.2012. THE APPEAL ARISES OUT OF THE ASSESSMENT COMPLETED UNDER SECTION 143(3) OF THE INCOME TAX ACT, 1961. 2. THE ONLY GROUND RAISED BY THE ASS ESSEE IN THE PRESENT APPEAL IS THAT THE COMMISSIONER OF INCOME TAX (APPEALS) ERRED IN CONFIRMING THE ADDITION OF ` 12,05,000/ - AS UNEXPLAINED CASH CREDIT UNDER SECTION 68 OF THE ACT. IT IS A CASE OF THE ASSESSEE THAT THIS DISPUTED CREDIT REPRESENTED THE S ALE PROCEEDS OBTAINED BY THE ASSESSEE BY SELLING OLD GOLD ORNAMENTS CONVERTED INTO GOLD BITS. IT I S HER CASE THAT SHE HAS PRODUCED ALL EVIDENCES BEFORE THE LOWER AUTHORITIES. 3. WE HAVE HEARD BOTH SIDES IN DETAIL. AF TER TAKING INTO CONSIDERATION OF ALL THE ASPECTS OF THE CASE, WE FIND THAT THE ASSESSEE DESERVES A REASONABLE AMOUNT BY WAY OF RELIEF AS HER CONTENTION CANNOT BE REJECTED ENTIRELY, TO BE FAIR AND REASONABLE, WE TREAT ` 6 LAKHS AS UNEXPLAINED AND CONFIRM ED THE ADDITION TO THAT EXTENT THE BALA NCE OF ` 6.5 LAKHS IS DELETED AS EXPLAINED BY THE ASSESSEE. ITA . 1078 /MDS/ 12 3 4 . IN RESULT, THIS APPEAL FILED BY THE ASSESSEE IS PARTLY ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT AT THE TIME OF HEARING ON MONDAY THE 23 RD JULY , 2012 AT CHENNAI. SD/ - SD/ - ( CHALLA NAGENDRA PRASAD ) ( DR.O.K.NARAYANAN ) JUDICIAL MEMBER VICE PRESIDENT CHENNAI, DATED 23 RD JULY , 2012 . K S SUNDARAM COPY TO: ASSESSEE / AO / CIT (A) / CIT / D.R. / GUARD FILE ITA . 1078 /MDS/ 12 4