Anand parikh, Secunderabad V. Income Tax Officer, Ward-10(2), Hyderabad

ITA 1381/Hyd/2019

• Counselvise Citation: [2021] 109 COUNSELVISE.COM (IT) 0452 (ITAT-HYDERABAD)
• Duration Of Justice: 1 year(s) 6 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-03-2021
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Next Hearing Date: 22-02-2021
• Assessment Year: 2007-2008
• Appeal Filed On: 06-09-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: N SWAPNA
• Keywords: Unexplained cash credit; TDS
• Section: 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES SMC, HYDERABAD (THROUGH VIDEO CONFERENCE) BEFORE SHRI S.S.GODARA, JUDICIAL MEMBER I.T.A. NO.1381/HYD/2019 ASSESSMENT YEAR: 2007-08 ANAND PARIKH, HYDERABAD [PAN: AECPP6081J] VS INCOME TAX OFFICER, WARD-10(2), HYDERABAD (APPELLANT) (RESPONDENT) FOR ASSESSEE : SMT. S.SANDHYA, AR FOR REVENUE : SMT. N.SWAPNA, DR DATE OF HEARING : 22-02-2021 DATE OF PRONOUNCEMENT : 09-03-2021 O R D E R THIS ASSESSEES APPEAL FOR AY.2007-08 ARISES AGAINS T THE CIT(A)-6, HYDERABADS ORDER DATED 14-06-2019 PASSED IN APPEAL NO.10294/2018-19/B2/CIT(A)-6, INVOLVING PROC EEDINGS U/S.143(3) R.W.S.254 OF THE INCOME TAX ACT, 1961 [IN SHORT, THE ACT]. HEARD BOTH THE PARTIES AND CASE FILE PERUSED. 2. COMING TO THE ASSESSEES SOLE SUBSTANTIVE GRIEVANCE CHALLENGING SECTION 68 UNEXPLAINED CASH CREDITS OF RS.4,70,000/- DUE TO DIFFERENCE BETWEEN ITS ACCOUNT I .E., M/S.FEMINGO FABRICS. I NOTICE AT THE OUTSET THAT AS PER TH E CIT(A)S ORDER IN PG.12 PARAS (B) THAT HE SOUGHT TO EXP LAIN A WRONGFUL ENTRY BACK TO AY.2004-05 ON ACCOUNT OF WRONG CREDIT TOWARDS CHIT FUND GROUP AS UNDER: B) ACCORDING TO THE ASSESSING OFFICER, THERE IS A DIFFERENCE OF RS.5,24,704/- BETWEEN THE ACCOUNTS OF THE APPELLANT AND THE FIRM FAMINGO FABRICS PRIVATE LIMITED ACCOUNT COPY FROM THE FINANCIAL ITA NO. 1381/HYD/2019 :- 2 -: YEAR 2004-05 IS SUBMITTED (PAGE NO.12 OF THE ANNEXU RE). THE BALANCE AS PER FAMINGO FABRICS WAS RS.45,57,062/-. THE DIFF ERENCE FIRST AROSE IN THE YEAR 2004-05. THE AMOUNT OF RS.4,70,0 00/- WAS WRONGLY CREDITED TOWARDS CHIOT FUND GROUP A2. THE S AID DIFFERENCE PERCOLATED TO THE FINANCIAL YEARS 2005-06 AND 2006- 07 ALSO. OTHERWISE THE FIGURES ARE SAME. THE APPELLANT HUMB LY SUBMITS THAT IN SO FAR AS THE FINANCIAL YEAR 2006-07 IS CONCERNE D, EXCEPT INTEREST AND TDS, THERE IS NO OTHER ENTRY AND SUCH ENTRIES A RE TALLYING WITH THE BOOKS OF FAMINGO FABRICS. THEREFORE, NO ADDITI ON CAN BE MADE ON THIS ACCOUNT. 3. LEARNED DEPARTMENTAL REPRESENTATIVE FAILS TO DISPUTE TH AT THE CIT(A) HAS NOT EVEN CONSIDERED THE SAME IN ITS LOWE R APPELLATE ORDER. I PRIMA-FACIE NOTICE FROM THE ASSESSEES PAPER BOOK IN PG.7 TO 9 THAT THE ALLEGED ENTRY HAD INDEED BEEN WRONGLY MADE WHICH REQUIRES A FRESH FACTUAL VERIFIC ATION. I THEREFORE ACCEPT THE ASSESSEES INSTANT SOLE SUBSTANTIVE GRIEVANCE FOR STATISTICAL PURPOSES. THE ASSESSEE HIM SELF OR HIS AUTHORISED REPRESENTATIVE SHALL APPEAR BEFORE THE ASSE SSING OFFICER ON OR BEFORE 31-07-2021 WITH ALL THE RELEVANT MATERIAL EVIDENCE TO EXPLAIN THE IMPUGNED WRONG ENTRY MADE TO THE ABOVE EFFECT WITHIN THREE EFFECTIVE OPPORTUNITIES AT HIS OWN RISK AND RESPONSIBILITY. 3.1. DELAY OF 18 DAYS IN FILING OF THE INSTANT APPEAL IS ALSO CONDONED AS PER THE PETITION/AFFIDAVIT OF THE ASSESSEE AND ON ACCOUNT OF NO OBJECTION FROM THE DEPARTMENTAL SIDE. 4. THIS ASSESSEES APPEAL IS TREATED AS ALLOWED FOR S TATISTICAL PURPOSES IN ABOVE TERMS. ORDER PRONOUNCED IN THE OPEN COURT ON THE 9 TH MARCH, 2021 SD/- ( S.S.GODARA ) JUDICIAL MEMBER HYDERABAD, DATED: 09-03-2021 TNMM ITA NO. 1381/HYD/2019 :- 3 -: COPY TO : 1.ANAND PARIKH, H.NO.3-4-253/6, GUNJ BAZAR, SECUNDERABAD. 2.THE INCOME TAX OFFICER, WARD-10(2), HYDERABAD. 3.CIT(APPEALS)-6, HYDERABAD. 4.PR.CIT-6, HYDERABAD. 5.D.R. ITAT, HYDERABAD. 6.GUARD FILE.