Anshul Jain, Guwahati V. Assistant Commissioner of Income Tax, Circle-2, Guwahati

ITA 132/GTY/2020

• Counselvise Citation: [2021] 108 COUNSELVISE.COM (IT) 8363 (ITAT-GUWAHATI)
• Duration Of Justice: 7 month(s) 12 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 17-03-2021
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: SMC
• Assessment Year: 2017-2018
• Appeal Filed On: 04-08-2020
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: SUBHRAJYOTI BHATTACHARYA

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, GUWAHATI E-COURT AT KOLKATA BEFORE SRI SANJAY GARG, JUDICIAL MEMBER I.T.A. NO.132/GAU/2020 ASSESSMENT YEAR: 2017-18 ANSHUL JAIN..... ..APPELLANT C/O PADAM JAIN & CO., CHARTERED ACCOUNTANTS, 3A, RISHAV PLAZA, 3 RD FLOOR, A.K. AZAD ROAD, REHABARI, GUWAHATI-781008. [PAN: ADYPJ7676E] VS. ACIT, CIRCLE-2, GUWAHATI.........RESPONDENT APPEARANCES BY: NONE APPEARED ON BEHALF OF THE APPELLANT. SHRI SUBHRAJYOTI BHATTACHARYA, ADDL. CIT, SR. DR, APPEARED ON BEHALF OF THE RESPONDENT. DATE OF CONCLUDING THE HEARING : MARCH 17, 2021 DATE OF PRONOUNCING THE ORDER : MARCH 17, 2021 ORDER THE PRESENT APPEAL HAS BEEN PREFERRED BY THE ASSESSEE AGAINST THE ORDER DATED 25.05.2020 OF THE COMMISSIONER OF INCOME TAX (APPEALS), GUWAHATI [HEREINAFTER AS CIT(A)]. 2. THE SOLE ISSUE RAISED BY THE ASSESSEE IN THIS APPEAL IS RELATING TO CONFIRMATION OF ADDITION OF RS.10,00,000/- BY THE CIT(A) AS AGAINST THE ADDITIONS MADE BY THE ASSESSING OFFICER OF RS.12,75,000/- ON ACCOUNT OF CASH DEPOSITS IN THE BANK ACCOUNT OF THE ASSESSEE DURING DEMONETISATION PERIOD. 3. THE LD. COUNSEL FOR THE ASSESSEE HAS SUBMITTED THAT THE ASSESSEE HAS DULY FURNISHED EVIDENCES AND EXPLAINED THE SOURCE OF DEPOSITS IN THE BANK ACCOUNT OF THE ASSESSEE WHICH WERE OUT OF CASH-IN-HAND OF THE ASSESSEE AS WELL AS OUT OF THE WITHDRAWAL FROM THE BANK ACCOUNTS OF THE ASSESSEE; THAT THE ASSESSING OFFICER HAS NOT CONSIDERED THE DETAILS AND EVIDENCES FURNISHED BY THE ASSESSEE WHILE MAKING THE IMPUGNED ADDITIONS. THE LD. COUNSEL HAS FURTHER INVITED MY ATTENTION TO THE IMPUGNED 2 I.T.A. NO.132/GAU/2020 ANSHUL JAIN ASSESSMENT YEAR: 2017-18 ORDER OF THE CIT(A) TO SHOW THAT THE NECESSARY DETAILS WERE ALSO FURNISHED AND BROUGHT TO THE NOTICE OF THE LD. CIT(A). THE LD. CIT(A), HOWEVER, DID NOT GIVE A DETAILED FINDING REGARDING EACH OF THE EVIDENCES/DETAILS SUBMITTED BY THE ASSESSEE, RATHER, HE GAVE RELIEF TO THE ASSESSEE ONLY OF RS.2,75,000/- IN RESPECT OF CASH-IN-HAND ON ESTIMATION BASIS. THE LD. COUNSEL FOR THE ASSESSEE, THEREFORE, HAS SUBMITTED THAT THE LOWER AUTHORITIES HAVE COMMITTED GRAVE ERROR IN ESTIMATING CASH-IN-HAND OF THE ASSESSEE WITHOUT GIVING A DETAILED AND REASONED FINDING REGARDING THE EXPLANATION GIVEN BY THE ASSESSEE RELATING TO THE CASH DEPOSITS IN THE BANK ACCOUNT OF THE ASSESSEE. 4. THE LD. DR THOUGH, HAS RELIED UPON THE FINDINGS OF THE LOWER AUTHORITIES, HOWEVER, HAS BEEN FAIR ENOUGH TO ADMIT THAT A DETAILED AND REASONED FINDING IS MISSING REGARDING EACH OF CASH DEPOSITS ON THE EVIDENCES FURNISHED BY THE ASSESSEE. 5. CONSIDERING THE RIVAL CONTENTIONS, IN MY VIEW, THE INTEREST OF JUSTICE WILL BE WELL-SERVED, IF, THE ASSESSEE IS GIVEN AN OPPORTUNITY TO PRESENT HIS CASE BEFORE THE ASSESSING OFFICER AND TO EXPLAIN REGARDING THE SOURCE OF CASH DEPOSITS MADE IN THE BANK ACCOUNT AND THEREAFTER THE ASSESSING OFFICER TO PASS A SPEAKING AND REASONED ORDER REGARDING EACH OF THE EXPLANATIONS/EVIDENCES FURNISHED BY THE ASSESSEE. IT IS ORDERED ACCORDINGLY. 6. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. KOLKATA, THE 17 TH MARCH, 2021. SD/- [ SANJAY GARG ] JUDICIAL MEMBER DATED : 17.03.2021 RS COPY OF THE ORDER FORWARDED TO: 1. ANSHUL JAIN 2. ACIT, CIRCLE-2, GUWAHATI 3. CIT(A)- 3 I.T.A. NO.132/GAU/2020 ANSHUL JAIN ASSESSMENT YEAR: 2017-18 4. CIT- , 5. CIT(DR), //TRUE COPY// BY ORDER SR. PS, H.O/D.D.O, I.T.A.T, KOLKATA BENCHES, KOLKATA .