Asst. Commissioner of Income Tax, Circle-4(1), Hyderabad V. Narahari Ganta, Hyderabad

ITA 1085/Hyd/2018

• Counselvise Citation: [2021] 107 COUNSELVISE.COM (IT) 3012 (ITAT-HYDERABAD)
• Duration Of Justice: 3 year(s) 4 month(s) 12 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 07-10-2021
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB-B
• Next Hearing Date: 30-09-2021
• Assessment Year: 2014-2015
• Appeal Filed On: 25-05-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ROHIT MAJUMDAR
• Keywords: Unexplained cash credit; Depreciation
• Section: 201; 68; 144

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD B BENCH, HYDERABAD. BEFORE SHRI S.S. GODARA, JUDICIAL MEMBER AND SHRI L . P . SAHU, ACCOUNTANT MEMBER (THROUGH VIRTUAL HEARING) ITA NO. 1085 /HYD/20 18 (ASSESSMENT YEAR : 20 14 - 15 ) ASST. COMMISSIONER OF INCOME TAX, CIRCLE 4(1), HYDERABAD. ..APPELLANT. VS. SHRI NARAHARI GANTA, HYDERABAD. PAN AMAPG 1122D ..RESPONDENT. APPELLANT BY : SHRI ROHIT MAJUMDAR (D.R. ) RESPONDENT BY : NONE. DATE OF HEARING : 30.09 . 2021. DATE OF PRONOUNCEMENT : 07 . 10 .2021. O R D E R PER SHRI S.S. GODARA, J.M. : THIS ASSESSEES APPEAL FOR ASST. YEAR 2014 - 15 ARISES FROM THE COMMISSIONER OF INCOME TAX (APPEALS) - 1, HYDERABAD S ORDER DT. 28.03. 201 8 PASSED IN CASE NO. 0282/CIT(A) - 1/HYD/2016 - 17/2017 - 18 IN PROCEEDINGS UNDER SECTION 14 4 OF INCOME TAX ACT, 1961 (THE ACT). 2 ITA NO. 1085/HYD/2018 CASE CALLED TWICE, NONE APPEARED AT THE ASSESSEE'S BEHEST. WE ACCORDINGLY PROCEED EXPARTE. 2. COMING TO THE REVENUES SOLE SUBSTANTIVE GRIEVANCE THAT THE LEARNED CIT(A) HAS ERRED IN LAW AND ON FACTS IN RESTRICTING THE ASSESSING OFFICERS ACTION MAKING S ECTION 68 UNEXPLAINED CASH CREDIT IN CAPIT A L OF RS . 2,10,25,500 TO THE EXTENT OF RS.20.75 LAKHS, WE NOTE THAT LOWER APPELLATE DISCUSSION TO THIS EFFECT READ AS UNDER : 3 ITA NO. 1085/HYD/2018 4 ITA NO. 1085/HYD/2018 5 ITA NO. 1085/HYD/2018 6 ITA NO. 1085/HYD/2018 3. WE HAVE GIVEN OUR THOUGHTFUL CONSIDERATION TO THE REVENUES FOREGOING ARGUMENTS AND FIND NO MERIT THEREIN. THIS IS FOR THE REASON THAT IT HAS NOT COME ON RECORD THAT SRI T. RAMANA RAO HAD IN FACT BROUGHT IN PLANT AND MACHINERY FOR THE ASSESSEE FOR MING SUSPECT MATTER ADDITION AMOUNTING TO RS.1,30,25,500 WHICH IS NOT ONLY COVERED OF SECTION 68 ADDITION BUT ALSO THERE CAN HARDLY BE ANY DISPUTE THAT THE CORRESPONDING FIXED ASSETS HAVE BEEN HELD ELIGIBLE FOR THE CORRESPONDING DEPRECIATION CLAIM . WE THUS CONCLUDE THAT THE REVENUES INSTANT MUTUALLY CONTRADICTORY APPROACH DOES NOT DESERVE TO BE ACCEPTED. 4. THE FACTUAL POSITION FOUND IS NO DIFFERENT REGARDING THE REMAINING PARTIES I.E. SRI THATA NAGA R AJU, SRI P. SRINIVAS RAO, SRI T . RAMANA RAO, SR I J OAQUIM D SOUZA AND SRI K AMISETTY SUBRAMANYAM WHO HA D DULY PROVED THE CORRESPONDING SUM HA VING COME THROUGH BANKING CHANNEL 7 ITA NO. 1085/HYD/2018 AND DULY ALONG WITH THEIR RESPECTIVE CONFIRMATION S , IN COME TAX RETURNS, COMPUTATION AND ANNUAL ACCOUNT; AS THE CASE MAY BE. WE THUS DECLINE THE REVENUES ARGUMENT S ALLEGING VIOLATION OF RULE 46A OF THE INCOME TAX RULES, 1963 AS WELL; AS THE CASE FILE NOWHERE INDICATE S SUCH AN ADMISSION OF ADDITION AL EVIDENCE . NO OTHER GROUND HAS BEEN PRESSED BEFORE US. 4. THIS REVENUES APPEAL IS DISMISSED IN ABOVE TERMS. ORDER PRONOUNCED IN THE OPEN COURT ON 7TH OCT . , 2021. SD/ - SD/ - (L .P. SAHU) (S.S. GODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER HYDERABAD, DT. 07 . 10 .2021. * REDDY GP COPY TO : 1. SHRI NARAHARI GANTA, F.NO.115, PARAS CHAMBERS, HIMAYATH NAGAR, HYDERABAD - 500 029 2. ACIT,CIRCLE 4(1), HYDERABAD. 3. PR. C I T - 1 , HYDERABAD. 4. CIT(APPEALS) - 1, HYDERABAD. 5. DR, ITAT, HYDERABAD. 6. GUARD FILE. BY ORDER SR. PVT. SECRETARY, ITAT, HYDERABAD.