ITO, WD-23(3), Hooghly, Hooghly V. Vidya Sagar Gupta, Hooghly

ITA 1363/KOL/2015

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 4517 (ITAT-KOLKATA)
• Duration Of Justice: 8 month(s) 17 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-07-2016
• Appeal Filed By: Department
• Bench Allotted: SMC
• Assessment Year: 2011-2012
• Appeal Filed On: 09-11-2015
• Court: TRIBUNAL
• Department Lawyers: AMITABH BHATTACHARYA
• Keywords: Peak credit; Tax effect

Judgement Text

I.T.A. NO. 1363/KOL./2015 ASSESSMENT YEAR: 2011-2012 PAGE 1 OF 3 IN THE INCOME TAX APPELLATE TRIBUNAL, KOLKATA A(SMC) BENCH, KOLKATA BEFORE SHRI P.M. JAGTAP, ACCOUNTANT MEMBER I.T.A. NO. 1363 /KOL/ 2015 ASSESSMENT YEAR: 2011-2012 INCOME TAX OFFICER,................................ ................................APPELLANT WARD-23(3), HOOGHLY, AAYAKAR BHAWAN, KHADINAMORE, G,T. ROAD, HOOGHLY-712 101 -VS.- SHRI VIDYA SAGAR GUPTA,............................ ..............................RESPONDENT 76/1, G.T. ROAD, CHAMPDANI, BAIDYABATI, HOOGHLY-712 222 [PAN: ADRPG 9411 H] APPEARANCES BY: SHRI AMITABH BHATTACHARYA, JCIT, D.R., FOR THE DEPARTMENT SHRI SOMNATH GHOSH, ADVOCATE, FOR THE ASSESSEE DATE OF CONCLUDING THE HEARING : JULY 27, 2016 DATE OF PRONOUNCING THE ORDER : JULY 27, 2016 O R D E R THIS APPEAL IS PREFERRED BY THE REVENUE AGAINST THE ORDER OF LD. COMMISSIONER OF INCOME TAX (APPEALS)-6, KOLKATA DAT ED 08.09.2015 FOR THE ASSESSMENT YEAR 2011-12 ON THE FOLLOWING GROUND S:- I. WHETHER THE LD. CIT(A) ERRED IN APPLYING THE PRI NCIPLE OF PEAK CREDIT IN THE ABSENCE OF CASH WITHDRAWAL FROM THE U NDISCLOSED BANK ACCOUNT. 2. WHETHER THE LD. CIT(A) ERRED IN APPLYING THE PRI NCIPLE OF PEAK CREDIT OUT OF TRANSACTIONS OF AN UNDISCLOSED BANK A CCOUNT OF ASSESSEE WITHOUT ESTABLISHING THE FACT THAT THE CRE DIT ENTRIES IN THE UNDISCLOSED BANK ACCOUNT WERE INCONSEQUENTIAL T O THE ASSESSEE'S DISCLOSED BUSINESS AND ITS ACCOUNTS. 3. WHETHER THE LD. CIT(A) ERRED IN ACCEPTING THE FR ESH EVIDENCES FROM THE ASSESSEES RESULTING IN MINIMIZING THE PURC HASE FIGURE WITHOUT GIVING ANY OPPORTUNITY TO AO FOR EXAMINING THE FRESH I.T.A. NO. 1363/KOL./2015 ASSESSMENT YEAR: 2011-2012 PAGE 2 OF 3 EVIDENCES THUS VIOLATING THE PROVISION OF RULE 46A OF INCOME TAX RULE, 1962. 2 AS POINTED OUT BY THE LD. COUNSEL FOR THE ASSESSE E AT THE OUTSET, THE TAX EFFECT INVOLVED IN THIS APPEAL OF THE REVENUE I S LESS THAN THE REVISED MONETARY LIMIT RECENTLY FIXED BY THE CBDT VIDE CIRC ULAR NO. 21/2015 DATED 10 TH DECEMBER, 2015 AT RS.10,00,000/- FOR FILING THE AP PEAL BY THE REVENUE BEFORE THE TRIBUNAL AND THIS POSITION CLEAR LY EVIDENT FROM THE GROUNDS RAISED BY THE REVENUE IN THIS APPEAL IS NOT DISPUTED EVEN BY THE LD. D.R. IN CIRCULAR NO. 21/2015 (SUPRA) RECENTLY I SSUED BY THE CBDT, THE MONETARY LIMIT FOR FILING THE APPEAL BY THE REVENUE BEFORE THE TRIBUNAL HAS BEEN INCREASED TO RS.10,00,000/- AND AS CLARIFI ED IN THE SAID CIRCULAR, THE SAID MONETARY LIMIT IS APPLICABLE RETROSPECTIVE LY EVEN TO THE APPEALS PENDING BEFORE THE TRIBUNAL. THE CBDT HAS ALSO INST RUCTED THAT SUCH PENDING APPEALS BELOW THIS SPECIFIED TAX LIMIT OF R S.10,00,000/- MAY BE WITHDRAWN/ NOT PRESSED. KEEPING IN VIEW THE INSTRUC TION GIVEN BY THE CBDT VIDE CIRCULAR NO. 21/2015 DATED 10.12.2015, WH ICH IS SQUARELY APPLICABLE IN THE PRESENT CASE, THE APPEAL FILED BY THE REVENUE IN THIS CASE IS TREATED AS WITHDRAWN/NOT PRESSED AND DISMIS SED ACCORDINGLY. 3. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED. ORDER PRONOUNCED IN THE OPEN COURT ON JULY 27, 2016 . SD/- (P.M. JAGTAP) ACCOUNTANT MEMBER KOLKATA, THE 27 TH DAY OF JULY, 2016 COPIES TO : (1) INCOME TAX OFFICER, WARD-23(3), HOOGHLY, AAYAKAR BHAWAN, KHADINAMORE, G,T. ROAD, HOOGHLY-712 101 (2) SHRI VIDYA SAGAR GUPTA, 76/1, G.T. ROAD, CHAMPDANI, BAIDYABATI, HOOGHLY-712 222 I.T.A. NO. 1363/KOL./2015 ASSESSMENT YEAR: 2011-2012 PAGE 3 OF 3 (3) COMMISSIONER OF INCOME TAX (APPEALS)-6, KOLKA TA; (4) COMMISSIONER OF INCOME TAX- , (5) THE DEPARTMENTAL REPRESENTATIVE (6) GUARD FILE BY ORDER ASSISTANT REGISTRAR, INCOME TAX APPELLATE TRIBUNAL, KOLKATA BENCHES, KOLKATA LAHA/SR. P.S.