Mr. Rajesh Rambhau Kaikade, Nagpur V. Income Tax Officer Ward-4(2), Nagpur

ITA 138/NAG/2010

• Counselvise Citation: [2012] 119 COUNSELVISE.COM (IT) 9679 (ITAT-NAGPUR)
• Duration Of Justice: 2 year(s) 1 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-10-2012
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2006-2007
• Appeal Filed On: 06-09-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: D S JOGUNI

Judgement Text

ITA NO. 138/NAG/2010 RAJESH RAMBHAU KAIKADE, NAGPUR IN THE INCOME TAX APPELLATE TRIBUNAL NAGPUR BENCH , NAGPUR BEFORE: SHRI P.K. BANSAL , ACCOUNTANT MEMBER AND SHRI D.T. GARASIA , JUDICIAL MEMBER ITA NO. 138 / NAGPUR / 20 10 ASSESSMENT YEAR : 2006 - 07 RAJESH RAMBHAU KAIKADE NAGPUR VS. IT O WARD - 4(2) NAGPUR (APPELLANT) (RESPONDENT) PAN NO.AHEPK 6019J APPELLANT BY: SHRI D.S. JOGUNI, ADVOCATE RESPONDENT BY: SHRI YASHWANT GOHIL, JCIT WITH DR. MILIND BHUSARI, CIT(DR) DATE OF HEARING: 16.10.2012 DATE OF PRONOUNCEMENT: 18.10.2012 ORDER PER P.K . BANSAL, ACCOUNTANT MEMBER: - THIS APPEAL HAS BEEN FILED AGAINST THE ORDER OF THE CIT(A) DATED 19.3.2010. THE ONLY ISSUE INVOLVED IN THIS APPEAL RELATE TO THE SUSTENANCE OF THE ADDITION OF RS.40,000/ - CONSIDERING THE STATEMENT OF THE ASSESSEE TO BE AN AFTERTHOUGHT. 2. WE HEARD THE RIVAL SUBMISSIONS AND CAREFULLY CONSIDERED THE SAME AND WE NOTED THAT THE ASSESSEE HAS INTRODUCED RS.40,000/ - IN THE CAPITAL DURING THE YEAR. THE ASSESSEE EXPLAINED THAT THE SAID AMOUNT HAS BEEN DEPOSITED OUT OF THE CASH IN HAND , WHICH HAS ACCUMULATED DUE TO WITHDRAWALS. THE ASSESSING OFFICER DID NOT DISPUTE THAT THE ASSESSEE MADE THE WITHDRAWALS OF RS.1 , 7 0 ,000/ - IN THE FINANCIAL YEAR 2002 - 03. UNDER THESE FACTS AND CIRCUMSTANCES, WE ARE OF THE VIEW THAT THE EXPLANATION S UBMITTED BY THE ASSESSEE IS PLAUSIBLE ONE AND NO ADDITION IS REQUIRED. WE ACCORDINGLY, DELETE THE ADDITION OF RS.40,000/ - . 3 . IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS ALLOWED. PRONOUNCED IN THE OPEN COURT ON 18.10 .20 1 2 SD / - SD/ - ( D.T. G ARASIA ) (P.K. BANSAL) JUDICIAL MEMBER ACCOUNTANT MEMBER VG/SPS NAGPUR DATED 18 TH OCTOBER , 20 1 2 ITA NO.138/NAG/2010 RAJESH RAMBHA U KAIKADE, NAGPUR 2 COPY TO 1 SHRI RAJESH RAMBHAU KAIKADE, 2049, BHANDEWADI PARADI, NAGPUR 2 ITO WARD - 4(2), NAGPUR 3 THE CIT - II , NAGPUR 4 THE CIT (A) , NAGPUR 5 THE DR, IT AT, NAGPUR 6 GUARD FILE. BY ORDER SR. PRIVATE SECRETARY INCOME TAX APPELLATE TRIBUNAL NAGPUR