ITO, Ward - 1(3), Midnapore, Paschim Medinipur V. Shri Biswajit Mitra, Paschim Medinipur

ITA 1200/KOL/2011

• Counselvise Citation: [2011] 140 COUNSELVISE.COM (IT) 54659 (ITAT-KOLKATA)
• Duration Of Justice: 2 month(s) 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 29-11-2011
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2005-2006
• Appeal Filed On: 16-09-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: S K ROY
• Assessee Lawyers: S S ROY
• Keywords: Unexplained investment; Principle of natural justice; Corroborative evidences; Assessment record
• Section: 133(6); 147

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH: KOL KATA () BEFORE . . , ! '# '# '# '# /AND ' $# , ! ) [BEFORE SHRI S. V. MEHROTRA, AM & SRI MAHAVIR SINGH , JM] #% #% #% #% / I.T.A NO. 1200/KOL/2011 $&' '() $&' '() $&' '() $&' '()/ // / ASSESSMENT YEAR: 2005-06 INCOME-TAX OFFICER, WD-1(3), MIDNAPORE VS. SHRI BI SWAJIT MITRA (PAN: ADVPM 7556 M) (+, /APPELLANT ) (-.+,/ RESPONDENT ) DATE OF HEARING: 24.11.2011 DATE OF PRONOUNCEMENT: 29.11.2011 FOR THE APPELLANT: SHRI S. K. ROY FOR THE RESPONDENT: SHRI S. S. ROY / / ORDER PER MAHAVIR SINGH, JM ( ' $# ' $# ' $# ' $#, , , , ! ! ! ! ) THIS APPEAL BY REVENUE IS ARISING OUT OF ORDER OF C IT(A)-XXXVI, KOLKATA IN APPEAL NO.43/CIT(A)-XXXVI/KOL/WD.1(3),MID./07-08/306 DATED 15.07.2011. ASSESSMENT WAS FRAMED BY ITO, WD-1(3), MIDNAPORE U/S.144/147 OF T HE INCOME TAX ACT, 1961 (HEREINAFTER REFERRED TO AS THE ACT) FOR ASSESSMENT YEAR 2005- 06 VIDE HIS ORDER DATED 28.12.2007. 2. THE ONLY ISSUE IN THIS APPEAL OF REVENUE IS AGAI NST THE ORDER OF CIT(A) IN RESTRICTING THE ADDITION OF RS.2,16,709/- AS AGAINST THE ADDITION O F RS.16,46,473/- BY ACCEPTING THE UNAUDITED REVISED BALANCE SHEET, RECAST BY ASSESSEE, THEREBY EXPLAINED THE SOURCES OF INVESTMENT OF RS.15.90 LACS EXPLAINING THESE AMOUNTS FROM BANK AC COUNT OF THE ASSESSEE. FOR THIS, REVENUE HAS RAISED FOLLOWING FOUR GROUNDS: 1. THE LD. APPELLATE HIERARCHY LD. C.I.T.(A)XXXVI , KOLKATA HAD ERRED IN DELETING THE ADDITION OF RS. 16.46,473/- BY ACCEPTING UNAUD ITED REVISED BALANCE SHEET, RECASTING THE SAME WHICH RESULTED THE DEFICIT/DIF FERENCE OF RS.2,16,709/- AND DIRECTING THE A. 0. TO ADD THE SAID AMOUNT. 2. THE LD. CIT(A)-XXXVI, HAS ERRED BY INFRINGEMENT OF PROVISION OF SECTION 44AB OF I.T. ACT, 1961 BY ALLOWING, CONSIDERING AND ACCEPTI NG THE SUBMISSION OF UNAUDITED REVISED BALANCE SHEET BY MENTIONING HOST OF JUDGME NTS HELD THAT ASSESSEE CAN REVISED HIS ACCOUNT AND INCOME DURING THE ASSESSMEN T PROCEEDINGS. 3. THE LD. C.I.T(A)XXXVI, KOLKATA HAS ERRED IN ACC EPTING THE ASSESSES SUBMISSION REGARDING SOURCE OF INVESTMENT OF RS. 15,90,000/- B Y EXPLAINING THAT AMOUNTS CAME FROM BANK ACCOUNT OF THE ASSESSEE IN THE SAME BANK AND BRANCH WHERE FIXED DEPOSITS HAD BEEN MADE. BUT LD. C.I.T.(A) HAS ERRED BY NOT G OING/LOOKING INTO THE SOURCE OF 2 ITA 1200/K/2011 BISWAJIT MITRA. A.Y.05-06 DEPOSITS IN ASSESSEES SAID BANK A/C. FROM WHICH AS SESSEE INVESTED THE AMOUNT OF RS.1590000/- IN THE FIXED DEPOSITS. 4. THE C.I.T(A)-)XXXVI, HAS ERRED IN ALLOWING, ACCE PTING ASSESSEES SUBMISSION REGARDING UNSECURED LOAN AFTER ACCEPTING A. 0. S OBSERVATION AND FIND IT IN CORRECT (PRESENTED THROUGH REMAND REPORT), AS A/R OF THE A SSESSEE FAILED TO SUBSTANTIATE THE GENUINENESS OF UNSECURED LOAN/LOAN TAKEN FROM REL ATIVES. 3. WE HAVE HEARD RIVAL SUBMISSIONS AND GONE THROUGH FACTS AND CIRCUMSTANCES OF THE CASE. WE FIND THAT ASSESSEE IS A CIVIL AND ELECTRICAL CON TRACTOR AND FILED HIS RETURN OF INCOME DECLARING TOTAL INCOME AT RS.1,75,200/- ON GROSS CO NTRACT RECEIPT OF RS.43,79,662/-. ASSESSING OFFICER GOT INFORMATION FROM AIR THAT ASSESSEE HAS INVESTED A SUM OF RS.1.17 LACS FOR PURCHASE OF SHARE OF PNB AND THE INVESTMENT IS NOT REFLECTED IN THE BALANCE SHEET. ACCORDINGLY, ASSESSING OFFICER REOPENED THE ASSESSMENT IN TERMS OF SECTION 147 OF THE ACT. THE ASSESSING OFFICER DURING THE COURSE OF REASSESSMENT PROCEEDIN GS FOUND THAT THE ASSESSEE APPLIED SHARES OF PNB PUBLIC ISSUE BY TRANSFERRING RS.1.17 LACS FROM HIS SAVING BANK A/C. NO. 5158 MAINTAINED WITH PNB, MIDNAPORE AND FINALLY, HE WAS ALLOTTED 15 SHARES @ RS.390/- EACH TOTALING TO RS.5,850/- AND THE BALANCE AMOUNT OF RS.1.11 LACS W AS REFUNDED TO THE ASSESSEE. THE ASSESSING OFFICER DURING THE COURSE OF ASSESSMENT PROCEEDINGS FURTHER FOUND THAT THERE ARE SEVERAL UNDISCLOSED FIXED DEPOSITS IN ASSESSEES NAME AS WE LL AS IN THE NAME OF HIS FAMILY MEMBERS TOTALING TO RS.15.90 LACS MAINTAINED WITH PNB, MIDN APORE, AND WHEN SOURCES WERE ASKED BY ASSESSING OFFICER, ASSESSEE EXPLAINED THAT THESE FI XED DEPOSITS WERE MADE OUT OF BANK ACCOUNT CD 1890 MAINTAINED WITH PNB, MIDNAPORE AND THE FDRS ARE AVAILED OUT OF OD FACILITY OF HIS BUSINESS, HAVING CLOSING BALANCE OF RS.11,40,085/- AS ON 31.03.2005. ACCORDING TO ASSESSING OFFICER, THESE FDRS AND OD ACCOUNT ARE NOT REFLECTE D IN THE ORIGINAL BALANCE SHEET, BUT THESE WERE FILED IN THE REVISED BALANCE SHEET ALONG WITH EVIDENCE. ASSESSING OFFICER DID NOT ACCEPT REVISED BALANCE SHEET AS THE ASSESSEE DID NOT PRODU CE BOOKS OF ACCOUNT ALONG WITH ORIGINAL BILLS AND VOUCHERS. HENCE, HE ADDED VALUE OF FDRS OF RS. 15.90 LACS, SHARES OF RS.5,850/- AS UNEXPLAINED INVESTMENT AND ACCRUED INTEREST ON UNDI SCLOSED FDRS AT RS.50,623/-. AGGRIEVED, ASSESSEE PREFERRED APPEAL BEFORE CIT(A) WHO AFTER C ONSIDERING FACTS OF THE CASE DELETED THE ADDITION BY GIVING FOLLOWING FINDINGS: 8. I HAVE DULY CONSIDERED THE SUBMISSION OF THE LD . AR OF THE APPELLANT AS WELL AS THE REMAND REPORT OF THE AO AND CONSULTED THE ASSESSMENT RECOR DS. THERE IS NO DISPUTE THAT THE APPELLANT HAD NOT DISCLOSED THE FDRS TOTALING TO RS. 15,90,00 0/- WITH THE PNB, MIDNAPORE BRANCH AND INVESTMENT IN PNB EQUITY SHARES OF RS.5,850/- IN HI S ORIGINAL BALANCE SHEET. THERE IS ALSO NO DISPUTE THAT THE APPELLANT HAD ALSO NOT DISCLOSED H IS OD A/C. NO. 2244 WITH THE SAME BANK HAVING CLOSING BALANCE OF RS. 11,40,085/-. THE AR O F THE APPELLANT HAS EXPLAINED THAT THE INVESTMENT IN SHARES WAS MADE FROM APPELLANTS DISC LOSED BANK A/C SB-5158 WITH THE SAME PNB, MIDNAPORE BRANCH. THE NECESSARY EVIDENCES WERE COLLECTED BY THE AO DURING THE ASSESSMENT PROCEEDINGS, WHICH ARE FOUND AVAILABLE I N THE ASSESSMENT RECORD. REGARDING INVESTMENTS IN FDRS, THE AO COLLECTED INFORMATION F ROM THE MANAGER, PNB, ON 25/10/2007, \WHICH READS AS FOLLOWS: 3 ITA 1200/K/2011 BISWAJIT MITRA. A.Y.05-06 FURNISHING INFORMATION U/S 133(6) OF THE IT ACT, 1 961 RELATING TO FIXED DEPOSITS MAINTAINED BY SHRI BISWAJIT MITRA AND RELATIVES THIS HAS REFERENCE TO YOUR LETTER DATED 17.10.2007 ON THE CAPTIONED SUBJECT. WE ARE TO INFORM AS UNDER: SL. NO. NAME OF PERSON A/C. NO. DATE AMOUNT (RS.) TYPE OF DEPOSIT 01 02 03 04 05 06 BISWAJIT MITRA -DO- -DO- MS. POULAMI MITRA -DO- MS. POUSALI MITRA 7144 7144 7144 7178 7178 7177 05.02.2005 12.04.2004 05.08.2004 05.08.2004 17.09.2004 05.08.2004 100000 700000 500000 100000 90000 100000 CASH TRANSFER FROM CD 1890 CASH CASH CASH CASH THE APPELLANT HAD EXPLAINED THE SOURCE OF THE SAID FDRS AS FOLLOWS: (I) FDRS AT SR. NO. 1 AND 5, TOTALING TO RS.1,90, 000/- ; SMALL CASH LOANS TAKEN FROM VARIOUS PARTIES, LIST OF WHICH HAS BEEN FILE D IN THE REVISED BALANCE SHEET. (II) FDR AT SR. NO. 2, RS.7,00,000/-: TRANSFER OF FUND FROM HIS DISCLOSED A/C CD- 1890, WITH THE SAME BANK ON 12/04/2004. (III) FDRS AT SR. NO. 3, 4 AND 6, TOTALING TO RS. 7,00,000/- : CASH WITHDRAWAL OF RS.8,50,000/- FROM THE SAME CD A/C. 1890 ON 05/08 /2004. ALL THESE DETAILS AND SUPPORTING EVIDENCES I.E. BAN K STATEMENTS ARE FOUND AVAILABLE IN THE ASSESSMENT RECORD. THE STATEMENT OF THE OD A/C. NO. 2244 WITH THE SAME BANK HAVING CLOSING BALANCE OF RS. 11,40,085/- IS ALSO FOUND AVAILABLE IN THE ASSESSMENT RECORD. HOWEVER, THE AO HAD NOT TAKEN COGNIZANCE OF THE SAME, SIMPLY BECAUS E THE APPELLANT FAILED TO DISCLOSE SUCH INVESTMENTS IN THE ORIGINAL BALANCE SHEET. 9. SINCE MOST OF THE FRESH ASSETS (FDRS AND SHARES ) AND LIABILITIES (OD A/C) DISCLOSED IN THE REVISED BALANCE SHEET ARE SUPPORTED BY VALID EV IDENCES AS DISCUSSED ABOVE, THE REVISED BALANCE SHEET FILED BY THE APPELLANT CANNOT BE IGNO RED FOLLOWING THE PRINCIPLE OF NATURAL JUSTICE. A HOST OF JUDGMENTS HELD THAT THE ASSESSEE CAN REVI SE HIS ACCOUNTS AND INCOME DURING THE ASSESSMENT PROCEEDINGS AND THE SAME HAS TO BE TAKEN INTO CONSIDERATION. THUS THE AO WAS NOT CORRECT IN SUMMARILY REJECTING APPELLANTS REVISED BALANCE SHEET SIMPLY BECAUSE SOME OF THE ITEMS WERE NOT DISCLOSED IN THE ORIGINAL BALANCE SH EET. HAVING SAID THAT, I FIND NOT ALL THE ITEMS IN THE REVISED BALANCE SHEET HAVE BEEN SATISFACTORI LY EXPLAINED BY THE AR OF THE APPELLANT. TO APPRECIATE THE DIFFERENCE BETWEEN ORIGINAL BALANCE SHEET AND THE REVISED BALANCE SHEET, BOTH BALANCE SHEETS ARE REPRODUCED BELOW: ORIGINAL BALANCE SHEET CAPITAL ACCOUNT CURRENT LIABILITIES O/D WITH MIDNAPORE PEOPLES COOPERATIVE BANK 11,00,860.00 1,29,715.80 12,30,575.80 FIXED ASSETS INVESTMENTS NSC WITH INTEREST CURRENT ASSETS CLOSING STOCK CASH IN HAND BANK PNB, MID A/C CA 1890 MID. PEO CO.OP A/C NO.7983 PNB MID A/C NO.5158 8,57,595.00 10,921.00 1,07,665.00 1,52,506.00 29,532.88 69,819.54 1,460.00 1,076.48 12,30,575.80 4 ITA 1200/K/2011 BISWAJIT MITRA. A.Y.05-06 REVISED BALANCE SHEET CAPITAL ACCOUNT BANK OD PNB OD-2244 1140085.40 MID. PEO CO BANK 129740.80 CURRENT LIABILITIES SUNDRY CREDITORS RANJAN ELECT. STORES 285916.00 VINAYAK ELECTRICALS 7735.00 LOAN FROM RELATIVE & OTHERS ANIL DAS BINDHESWAR MONDAL DEBASISH DUTTA DILIP BHUNIA GAGAN CH. MITRA GOPAL GUCHAIT KAMAL SAHOO KARTICK CH. MANNA NANTU SAHU PANCHANAN SEN PINTU RANA RAMEN CHATTERJEE SAKTI BHUI SK. SANOWAR SUCHETA MITRA SUDARSHAN SHIT SWAPAN KR. MAITY 11,00,860.00 12,69,826.20 2,66,651.00 19,800.00 18,000.00 18,300.00 18,700.00 19,750.00 19,600.00 19,800.00 19,350.00 19,200.00 17,110.00 19,400.00 19,100.00 19,750.00 19,500.00 19,600.00 19,900.00 19,000.00 29,63,197.20 FIXED ASSETS INVESTMENTS NSC WITH INTEREST FD IN PNB 1590000 ADD: FD INTEREST 50623 SHARE IN PNB UTI (ULIP) CURRENT ASSETS CLOSING STOCK CASH IN HAND BANK PNB, MID A/C CA 1890 MID. PEO CO.OP A/C NO.7983 PNB MID A/C NO.5158 8,57,595.00 10,921.00 16,40,623.00 5,850.00 19,500.00 88,165.00 1,52,506.00 4,531.18 69,819.54 1,12,226.48 1,460.00 29,63,197.20 10. THE ITEMS OF THE REVISED BALANCE SHEET VIS--VI S THE ORIGINAL BALANCE SHEET IS DISCUSSED BELOW: 10.1. IN THE LIABILITY SIDE, THERE IS NO DIFFERENCE IN THE CAPITAL ACCOUNT. BANK OD BALANCE WITH MIDNAPORE PEOPLE CO-OPERATIVE BANK OF RS.1,29,740/- TALLIES WITH THE BANK STATEMENT WITH MINOR DIFFERENCE OF RS.25/- (SAME WAS SHOWN AS RS.1 ,29,715/- IN THE ORIGINAL B/SHEET). BANK OD BALANCE OF RS.11,40,085/- WITH THE PNB OD A/C 22 44 IS A NEW ITEM BUT TALLIES WITH THE BANK STATEMENT. TWO SUNDRY CREDITORS I.E. RANJAN ELECT RIC STORES RS.2,58,916/- AND VINAYAK ELECTRICALS 7,735/- ARE NEW ITEMS. THE A.O. IN H IS REMAND REPORT STATED THAT CREDIT BALANCE OF RANJAN ELECTRIC STORES SHOULD BE RS.2,56,916/-, WHI CH THE AR OF THE ASSESSEE ACCEPTED. FURTHER, 17 SMALL LOANS EACH BELOW RS.20,000/- TOTA LING TO RS.3,25,860/-, PURPORTEDLY TAKEN FROM RELATIVES & OTHERS ARE ALSO NEW ITEMS. IN THI S REGARD, THE AR OF THE ASSESSEE HAS FILED COPY OF ONE CONFIRMATION AND PHOTOCOPY OF VOTER CARD/RAT ION CARD OF EIGHT PERSONS. THE AR OF THE ASSESSEE ALSO FILED COPY OF FIVE DTDC COURIER SERVI CE RECEIPTS, ALL DATED 22/12/2007 IN SUPPORT OF HIS CLAIM THAT THOSE LENDERS HAD RESPONDED TO TH E NOTICES ISSUED BY THE AO FOR LOAN VERIFICATIONS. HOWEVER, THE AO IN HIS REMAND REPORT STATED THAT THE SUMMON ISSUED TO THOSE LENDERS U/S. 131 OF THE ACT WAS RETURNED BY THE POS TAL DEPARTMENT WITH THE REMARK NO SUCH VILLAGE SITUATED IN THE POSTAL AREA. THE AR HAS NO T SUCCESSFULLY REBUTTED SUCH OBSERVATION OF THE AO BY FILING EVIDENCES OF CREDITWORTHINESS OF THOSE EIGHT LENDERS WHOSE IDENTITY PROOF HAS BEEN FILED. IN THE OTHER CASES, EVEN THE IDENTITY PROOF HAS NOT BEEN SUBMITTED. IN VIEW OF SUCH, THE UNSECURED LOANS TOTALING TO RS.3,25,860/- ARE NOT C ONSIDERED GENUINE. 10.2. IN THE ASSET SIDE, THERE IS NO DIFFERENCE SO FAR AS THE ITEMS OF FIXED ASSETS, CURRENT ASSETS AND CLOSING STOCK ARE CONCERNED. NEW INVESTMENTS AR E (I) PNB SHARES-RS.5,850/-, (II) PNB FDRS - RS. 16,40,623/- INCLUDING ACCRUED INTEREST O F RS.50,623/-. THE CLOSING BALANCE WITH 5 ITA 1200/K/2011 BISWAJIT MITRA. A.Y.05-06 MIDNAPORE PEOPLE CO-OPERATIVE BANK OF RS. 1,460/- T ALLIES. THE CLOSING BALANCE OF PNB, CA- 1890 OF RS.69,819.54 ALSO TALLIES WITH THE FIGURE O F ORIGINAL BALANCE SHEET. IN THIS REGARD, THOUGH THE AO IN HIS REMAND REPORT STATED THAT THE BALANCE AS ON 31/03/2005 WAS 2,245.54, BUT IT IS SEEN FROM ACCOUNTS THAT THE APPELLANT DEPOSIT ED A CHEQUE OF RS.67,574/- ON THE LAST DATE OF THE FINANCIAL YEAR, WHICH WAS CLEARED ON 04/04/2005 . IN ANY CASE, IN THE ORIGINAL BALANCE SHEET ALSO, THE CLOSING BALANCE WAS SHOWN AS RS.69,819.54 . THE CLOSING BALANCE IN SB A/C NO. 5158 WITH PNB OF RS.1,12,226.48 DOES NOT TALLY WITH THE CLOSING BALANCE SHOWN IN THE ORIGINAL BALANCE SHEET OF RS.1,076.48. THE AO IN HIS REMAND REPORT STATED THAT THE SAID BALANCE SHOULD BE RS. 1,076.48, WHICH IS FOUND CORRECT FROM THE BA NK STATEMENT. THE AR COULD NOT EXPLAIN THE DIFFERENCE. CASH IN HAND SHOWS ATRS.4,531/- COMPARE D TO RS.29,532/- SHOWN IN THE ORIGINAL BALANCE SHEET. THE AR HAS SUBMITTED FULL COMPUTERIZ ED CASH A/C SHOWING CLOSING BALANCE OF RS.4,531/-. THE AO HAS NOT MADE ANY ADVERSE COMMENT S IN HIS REMAND REPORT IN THIS ASPECT. 10.3. WITH THESE OBSERVATIONS, THE BALANCE SHEET OF THE APPELLANT IS RECAST AS FOLLOWS: CAPITAL ACCOUNT BANK OD PNB OD-2244 11,40,085 MID.PEO.CO. BANK 1,29,741 SUNDRY CREDITORS RANJAN ELECT. STORES 2,56,916 VINAYAK ELECTRICALS 7,735 DEFICIT 11,00,860 12,69,826 2,64,651 26,35,337 2,16,709 28,52,046 FIXED ASSETS CURRENT ASSETS CLOSING STOCK INVESTMENTS NSC 7,500 NSC INTEREST 3,421 UTI (ULIP) 19,500 PNB SHARE 5,850 FDS WITH PNB 15,90,000 ACCRUED FD INT. 50,623 CASH AT BANK PNB, CA-1890 69,819 MID.PEO.CO.BANK 1,460 PNB, SB-5158 1,076 CASH IN HAND 8,57,595.00 88,165 1,52,506 16,76,894 72,355 4,531 28,52,046 11. THE DEFICIT OF RS.2,16,709/- IS THEREFORE, CAN BE ADDED AS UNEXPLAINED SOURCE OF INVESTMENTS IN PNB FDRS AND PNB SHARES THUS, INSTEAD OF ADDITIO N OF RS. 16,46,473/- (15,90,000/- + 50,623 + 5,850/-), THE AO IS DIRECTED TO ADD RS.2,1 6,709/-. THE APPELLANT GETS RELIEF OF RS. 14,29,764/-. WE FIND FROM ABOVE ORDER OF CIT(A) THAT HE RESTRICT ED ADDITION AT RS.2,16,709/- BY ACCEPTING SOURCES OF INVESTMENTS IN FDR AND PNB SHARES AS OUT OF THE FOLLOWING: (I) FDRS AT SR. NO. 1 AND 5, TOTALING TO RS.1,90,0 00/- ; SMALL CASH LOANS TAKEN FROM VARIOUS PARTIES, LIST OF WHICH HAS BEEN FILED IN THE REVISED BALANCE SHEET. (II) FDR AT SR. NO. 2, RS.7,00,000/-: TRANSFER OF F UND FROM HIS DISCLOSED A/C CD- 1890, WITH THE SAME BANK ON 12/04/2004. (III) FDRS AT SR. NO. 3, 4 AND 6, TOTALING TO RS.7 ,00,000/- : CASH WITHDRAWAL OF RS.8,50,000/- FROM THE SAME CD A/C. 1890 ON 05/08/ 2004. 4. WE FIND THAT THESE DETAILS AND SUPPORTING EVIDEN CE WERE REFERRED BACK TO ASSESSING OFFICER FOR HIS REMAND REPORT AND ASSESSING OFFICER COULD NOT POINT OUT ANY DEFECT IN ABOVE SOURCES EXPLAINED BY THE ASSESSEE, WHICH ARE MAINLY WITHDRAWALS OR TRANSFER FROM SAVING BANK 6 ITA 1200/K/2011 BISWAJIT MITRA. A.Y.05-06 ACCOUNT NO.CD-1890. THE CIT(A) AFTER OBTAINING REMA ND REPORT FROM ASSESSING OFFICER ON FACTUAL ASPECT OF INVESTMENT AND SOURCES OF INVESTM ENT DELETED THE ADDITION OF INVESTMENT IN FDRS AND PNB SHARES AT RS.14,29,764/-. WE FIND NO REASON TO INTERFERE IN THE SAME. APPEAL OF REVENUE IS DISMISSED. 5. IN THE RESULT, APPEAL OF REVENUE IS DISMISSED 6. ORDER PRONOUNCED IN OPEN COURT ON 29.11.2011 . SD/- SD/- . . ! ' '' ' $# $# $# $# , ! (S. V. MEHROTRA) (MAHAVIR SINGH) ACCOUNTANT MEMBER JUDICIAL MEMBER ( 0 0 0 0) )) ) DATED : 29 TH NOVEMBER, 2011 '12 $&34 $5' JD.(SR.P.S.) / 6 -$$7 87(9- COPY OF THE ORDER FORWARDED TO: 1 . +, / APPELLANT ITO, WD-1(3), MIDNAPORE 2 -.+, / RESPONDENT, SHRI BISWAJIT MITRA, CHHOTO BAZAR, MI DNAPORE, P.O. MIDNAPORE, DIST. PASCHIM MEDINIPUR-721101 3 . $/& ( )/ THE CIT(A), KOLKATA 4. $/& / CIT, KOLKATA 5 . '$? -$& / DR, KOLKATA BENCHES, KOLKATA .7 -$/ TRUE COPY, /&@/ BY ORDER, #4 /ASSTT. REGISTRAR .