Smt. Amiben J.Gajjar, Ahmedabad V. The Dy.CIT.,Circle-12, Ahmedabad

ITA 1244/AHD/2011

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 85661 (ITAT-AHMEDABAD)
• Duration Of Justice: 3 year(s) 9 month(s) 16 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 12-02-2015
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: B
• Next Hearing Date: 04-02-2015
• Assessment Year: 2007-2008
• Appeal Filed On: 26-04-2011
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: ROOP CHAND
• Assessee Lawyers: DEEPAK THAKKAR
• Keywords: Unexplained cash credit

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, AHMEDABAD , , BEFORE SHRI ANIL CHATURVEDI, ACCOUNTANT MEMBER AND SHRI KUL BHARAT, JUDICIAL MEMBER ./ I.T.A. NO.1244/AHD/2011 ( / ASSESSMENT YEAR : 2007-08) SMT. AMIBEN J.GAJJAR 8, PRITIKUNJ SOCIETY MANINAGAR AHMEDABAD / VS. THE DY.CIT CIRCLE-12 AHMEDABAD ' ./ ./ PAN/GIR NO. : AJQPG 6571 K ( '% / APPELLANT ) .. ( &''% / RESPONDENT ) '%( / APPELLANT BY : SHRI DEEPAK THAKKAR, A.R. &''%)( / RESPONDENT BY : SHRI ROOP CHAND SR.DR *) / DATE OF HEARING 04/02/2015 +,-.) / DATE OF PRONOUNCEMENT 12/02/2015 / O R D E R PER SHRI KUL BHARAT, JUDICIAL MEMBER : THIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST T HE ORDER OF THE LD.COMMISSIONER OF INCOME TAX(APPEALS)-XX, AHMEDABA D (CIT(A) IN SHORT) DATED 27/01/2011 PERTAINING TO ASSESSMEN T YEAR (AY) 2007-08. THE ASSESSEE HAS RAISED THE FOLLOWING GROUNDS OF AP PEAL:- 1.01. THAT LEARNED ASSESSING OFFICER HAS ERRED IN MAKING ADDITION OF 8,42,400/- U/S.68 OF THE INCOME TAX ACT, 1961 ON AC COUNT OF CASH CREDIT. ITA NO.1244/AHD /2011 SMT. AMIBEN J.GAJJAR VS. DY.CIT ASST.YEAR 2007-08 - 2 - 1.02. THAT VARIOUS REASONS ADVANCED BY LEARNED ASSESSING OFFICER IN MAKING ADDITION ON THE GROUND CASH CREDIT ARE CONTR ARY TO THE FACTS OF THE CASE AND EVIDENCES ON RECORD. 1.03. THE APPELLANT THEREFORE SUBMIT THAT THE ADDITION 8,42,400/- IS TO BE DELETED. 2.01. THAT LEARNED ASSESSING OFFICER HAS ERRED IN M AKING ADDITION OF 51,665/- ON ACCOUNT OF INTEREST. 2.02. THAT VARIOUS REASONS ADVANCED BY LEARNED ASSE SSING OFFICER IN MAKING ADDITION ON THE GROUND INTEREST ARE CONTRARY TO THE FACTS OF THE CASE AND EVIDENCES ON RECORD. 2.03. THE APPELLANT THEREFORE SUBMIT THAT THE ADDIT ION 51,665/- IS TO BE DELETED. 3.0. THE APPELLANT CRAVES LEAVE TO ADD, AMEND, ALTE R, EDIT, DELETE, MODIFY OR ANY OF THE GROUNDS OF APPEAL AT THE TIME OF OR BEFO RE FINAL HEARING OF THE APPEAL. 2. BRIEFLY STATED FACTS ARE THAT THE CASE OF THE AS SESSEE WAS PICKED UP FOR SCRUTINY ASSESSMENT AND THE ASSESSMENT U/S.143( 3) OF THE INCOME TAX ACT,1961 (HEREINAFTER REFERRED TO AS THE ACT) WAS FRAMED, THEREBY THE ASSESSING OFFICER (AO IN SHORT) MADE ADDITION ON UN EXPLAINED CASH CREDIT U/S.68 OF THE ACT AMOUNTING TO RS.11,81,619/ - AND INTEREST THEREIN AMOUNTING TO RS.51,665/-. AGAINST THIS, THE ASSESS EE FILED AN APPEAL BEFORE THE LD.CIT(A), WHO AFTER CONSIDERING THE SUB MISSIONS, PARTLY ALLOWED THE APPEAL. WHILE ALLOWING THE APPEAL, THE LD.CIT(A) REDUCED THE ADDITION FROM RS.11,81,619/- TO RS.8,24,200/- A ND CONFIRMED THE ADDITION MADE ON ACCOUNT OF INTEREST OF RS.51,665/- . NOW, THE ASSESSEE IS FURTHER IN APPEAL BEFORE US. 3. GROUND NOS.1.01 TO 1.03 ARE INTER-CONNECTED, THE REFORE THE SAME ARE DECIDED TOGETHER. THE LD.COUNSEL FOR THE ASSES SEE SUBMITTED THAT THE AO MADE ADDITION ON THE ENTIRE AMOUNT. HE SUBMITTE D THAT THE ITA NO.1244/AHD /2011 SMT. AMIBEN J.GAJJAR VS. DY.CIT ASST.YEAR 2007-08 - 3 - AUTHORITIES BELOW WERE NOT JUSTIFIED IN MAKING THE ADDITION. HE SUBMITTED THAT THE ASSESSEE HAD RECEIVED MONEY DURI NG THE YEAR UNDER CONSIDERATION AND ALSO RETURNED TO THE PERSONS FROM WHOM THE MONEY WAS RECEIVED. THE LD.COUNSEL FOR THE ASSESSEE SUBMITTE D THAT OUT OF CONFIRMATION OF RS.8,24,200/-, THE LD.CIT(A) FAILED TO APPRECIATE THE FACT THAT DURING THE YEAR RS.2,97,600/- WAS RETURNED TO THE DEPOSITORS AND ONLY A SUM OF RS.5,26,600/- REMAINED TO CLOSING AMOUNT. HE SUBMITTED THAT THE AMOUNT WHICH WAS NOT RETURNED DURING THE YEAR C AN ONLY BE TREATED AS UNEXPLAINED CREDITS. HE SUBMITTED THAT THE ASSESSE E HAS NO OBJECTION IF SUCH AMOUNT IS CONFIRMED. 4. ON THE CONTRARY, LD.SR.DR SUPPORTED THE ORDERS O F THE AUTHORITIES BELOW. 5. WE HAVE HEARD THE RIVAL SUBMISSIONS, PERUSED THE MATERIAL AVAILABLE ON RECORD AND GONE THROUGH THE ORDERS OF THE AUTHORITIES BELOW. WE HAVE GIVEN OUR THOUGHTFUL CONSIDERATION TO THE C ONTENTION OF THE LD.COUNSEL FOR THE ASSESSEE. THIS CONTENTION OF TH E LD.COUNSEL FOR THE ASSESSEE REQUIRES VERIFICATION AT THE END OF THE AO . THEREFORE, THIS GROUND IS RESTORED BACK TO THE FILE OF AO FOR VERIF YING HOW MUCH AMOUNT HAS BEEN RETURNED OUT OF RS.8,24,200/- AS CONFIRM ED BY THE LD.CIT(A). IF HE FINDS THE CLAIM OF THE ASSESSEE TRUE THAT THE ASSESSEE RETURNED CERTAIN SUM OUT OF THE IMPUGNED ADDITION CONFIRMED BY THE C IT(A), THEN HE WOULD DELETE SUCH AMOUNT. THUS, GROUND NOS.1.01 TO 1.03 OF THE ITA NO.1244/AHD /2011 SMT. AMIBEN J.GAJJAR VS. DY.CIT ASST.YEAR 2007-08 - 4 - ASSESSEES APPEAL ARE PARTLY ALLOWED FOR STATISTICA L PURPOSES IN THE TERMS INDICATED ABOVE. 6. APROPOS TO GROUND NOS.2.01 TO 2.03, THE LD.COUNS EL FOR THE ASSESSEE SUBMITTED THAT HE DOES NOT WISH TO PRESS THE SAME, THEREFORE THE SAME ARE REJECTED AS SUCH. 7. GROUND NO.3 IS GENERAL IN NATURE REQUIRES NO IND EPENDENT ADJUDICATION. 8. IN THE RESULT, ASSESSEES APPEAL IS PARTLY ALLOW ED FOR STATISTICAL PURPOSES AS INDICATED ABOVE. ORDER PRONOUNCED IN THE COURT ON THURSDAY, THE 12 TH OF FEBRUARY, 2015 AT AHMEDABAD. SD/- SD/- ( ) ( ) ( ANIL CHATURVEDI ) ( KUL BHARAT ) ACCOUNTANT MEMBER JUDICIAL MEMBER AHMEDABAD; DATED 12/ 02 /2015 2..,.../ T.C. NAIR, SR. PS !'#$%&%# / COPY OF THE ORDER FORWARDED TO : 1. '% / THE APPELLANT 2. &''% / THE RESPONDENT. 3. 345 6 / CONCERNED CIT 4. 6 ( ) / THE CIT(A)-XX, AHMEDABAD 5. 78& 45 , 45. , 3 / DR, ITAT, AHMEDABAD 6. 8:;<* / GUARD FILE. / BY ORDER, '7 & //TRUE COPY// / ( DY./ASSTT.REGISTRAR) , / ITAT, AHMEDABAD