Shri Rishi Kumar Agrawal, Jabalpur V. Assistant Commissioner Of Income Tax, Jabalpur

ITA 145/JAB/2013

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 5608 (ITAT-JABALPUR)
• Duration Of Justice: 2 year(s) 10 month(s) 24 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 07-04-2016
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: DB
• Next Hearing Date: 07-04-2016
• Assessment Year: 2008-2009
• Appeal Filed On: 13-05-2013
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: D R LATHORIYA
• Assessee Lawyers: G N PUROHIT
• Keywords: Loose papers

Judgement Text

1 I.T.A. NO.145 /JAB/2013 (ASSESSMENT YEAR :2008-09) IN THE INCOME TAX APPELLATE TRIBUNAL, JABALPUR BEFORE S/SHRI N.S. SAINI (AM) N. K. CHOUDHRY (JM ) I.T.A. NO.145 /JAB/2013 (ASSESSMENT YEAR :2008-09) SHRI RISHI KUMAR AGRAWAL, PROP. M/S. SUHAGAN BHANDAR, JABALPUR VS. ACIT, CIRCLE-1(1), JABALPUR PAN/GIR NO. : ACQPA 5102 R ( APPELLANT ) .. ( RESPONDENT ) APPELLANT BY : SH. G.N.PUROHIT, SR. ADV RESPONDENT BY : SH. D.R.LATHORIYA DATE OF HEARING : 07-04-2016 DATE OF PRONOUNCEMENT : 07-04. 2016 O R D E R PER N.S. SAINI, ACCOUNTANT MEMBER: THIS IS AN APPEAL FILED BY THE ASSESSEE EMANATING FROM AN ORDER OF THE LD CIT(A), JABALPUR DATED 27.7.2012 FOR THE ASSESSMENT YEAR 2008-0 9. 2. THE ONLY GRIEVANCE OF THE ASSESSEE IN THIS APPEAL IS T HAT LD CIT(A) ERRED IN CONFIRMING THE ADDITION OF 6,27,000/- BASED ON THE STA TEMENT RECORDED DURING SURVEY. 3. THE BRIEF FACTS OF THIS CASE ARE THAT THE ASSESSING OFFI CER HAS STATED IN ASSESSMENT ORDER THAT THE ASSESSEE DID NOT INCLUDE THE AMOU NT OF RS.6,27,000/- FOR THE PURPOSE OF TAXATION, WHICH WAS SURRENDERED ON THE BASIS OF LOOSE PAPERS A-14 TO 16 2 I.T.A. NO.145 /JAB/2013 (ASSESSMENT YEAR :2008-09) DURING THE COURSE OF SURVEY OPERATIONS UNDER SECTION133 A OF THE ACT AT THE BUSINESS PREMISES OF THE ASSESSEE ON 14 TH AND 15 TH MARCH, 2008. HOWEVER, IN THE RETURN OF INCOME FILED, THE ASSESSEE HAD NOT SHOWN THIS AMOUNT OF RS.6,27,000/-. THEREFORE, THE AO MADE AN ADDITION OF RS.6,27,000/- TO THE INCOME O F THE ASSESSEE, WHICH WAS CONFIRMED IN APPEAL BY LD CIT(A). 4. LD A.R. OF THE ASSESSEE BEFORE US SUBMITTED THAT HE HAS MADE A SUMMARY OF LOOSE PAPERS MARKED AS A-14 TO 16 WHICH IS PLACED AT PAGE 15 OF PB, WHICH SHOWS THAT THERE WAS SALE OF RS.2,06,555/- AND PURCHASE OF RS.22,64 5/- AND, THEREFORE, THE ADDITION CANNOT BE MADE OF RS.6,27,000/- ALTHOUGH THE SAME WAS WRONGLY ADMITTED BY THE ASSESSEE DURING THE COURSE OF SURVEY OPERATIONS. HE SUBMIT TED THAT THE ASSESSEE HAD SURRENDERED RS.16,42,300/- ON ACCOUNT OF UNACCOUNTED CASH , RS.28,37,786/- ON ACCOUNT OF EXCESS STOCK OF JEWELLERY, RS.20,00,000/- AND RS.4 ,27,000/- ON ACCOUNT OF LOOSE PAPER PURCHASE/SALE BILL AND, THEREFORE, APPLICA BILITY OF RS.2,06,555/- AND RS.22,645/- SHOULD BE GIVEN TO HIM. HE, ACCORDINGLY, SU BMITTED THAT NO ADDITION SHOULD BE MADE. 5. IN THE ALTERNATIVE, HE SUBMITTED THAT THE ADDITIO N SHOULD BE RESTRICTED TO RS.2,06,555/-. 6. ON THE OTHER HAND, LD D.R. SUBMITTED THAT THE AD DITION SHOULD BE SUSTAINED AT RS.,2,06,555/-. 3 I.T.A. NO.145 /JAB/2013 (ASSESSMENT YEAR :2008-09) 7. AFTER CONSIDERING THE RIVAL SUBMISSIONS OF BOTH THE PARTIES AND MATERIAL AVAILABLE ON RECORD, IN OUR CONSIDERED VIEW, IT WOULD BE JUST AND PROPER TO RESTRICT THE ADDITION OF RS.2,06,555/- AS AGREED BY LD A.R. OF THE ASSESSEE IN PLA CE OF RS.6,27,000/- MADE BY THE AO AND CONFIRMED BY THE LD CIT(A). HENCE, WE R ESTRICT THE ADDITION TO RS.2,06,555/-. 8. IN THE RESULT, APPEAL IS PARTLY ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 7 /4/2016 . SD/- SD/- (N.K.CHOUDHRY) (N.S.SAINI) JUDICIAL MEMBER ACCOUNTANT MEMBER JABALPUR, DATED 7 / 4/2016 PARIDA , SR. PS COPY OF THE ORDER FORWARDED TO : 1. THE APPELLANT : SHRI RISHI KUMAR AGRAWAL, PROP. M /S. SUHAGAN BHANDAR, JABALPUR 2. THE RESPONDENT: ACIT, CIRCLE-1(1), JABALPUR 3. THE CIT(A). JABALPUR 4. CIT . JABALPUR 5. DR, ITAT, JABALPUR 6. GUARD FILE. BY ORDER, //TRUE COPY// SR. PS, ITA T, CAMP: JABALP UR