Vijaykumar Krushnarao Rawal, Sangli V. Income-tax Officer, Ward - 2(4), Sangli

ITA 1511/PUN/2018

• Counselvise Citation: [2018] 119 COUNSELVISE.COM (IT) 0264 (ITAT-PUNE)
• Duration Of Justice: 2 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 05-12-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2015-2016
• Appeal Filed On: 24-09-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Opportunity of being heard; Application of stay
• Section: 68; 69B

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH SMC, PUNE BEFORE SHRI R.S. SYAL, VICE PRESIDENT . / ITA NO.1511/PUN/2018 / ASSESSMENT YEAR : 2015-16 SHRI VIJAYKUMAR KRUSHNARAO RAWAL, A/P. KADEGAON, TAL. KADEGAON, DIST. SANGLI PAN : ABIPR7640E VS. ITO, WARD-2(4), SANGLI (APPELLANT) (RESPONDENT) S.A. NO.109/PUN/2018 (ARISING OUT OF ITA NO.1511/PUN/2018) / ASSESSMENT YEAR : 2015-16 SHRI VIJAYKUMAR KRUSHNARAO RAWAL, A/P. KADEGAON, TAL. KADEGAON, DIST. SANGLI PAN : ABIPR7640E VS. ITO, WARD-3(4), SANGLI (APPELLANT) (RESPONDENT) APPELLANT BY SHRI M.K. KULKARNI RESPONDENT BY SHRI M.K. VERMA DATE OF HEARING 05-12-2018 DATE OF PRONOUNCEMENT 05-12-2018 ITA NO.1511/PUN/2018 AND S.A.NO.109/PUN/2018 SHRI VIJAYKUMAR KRUSHNARAO RAWAL 2 / ORDER PER R.S.SYAL, VP : THIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER OF THE LD. CIT(A) PASSED ON 29.8.2018 IN RELATION TO THE A. Y. 2015-16. 2. THE ONLY ISSUE RAISED HEREIN IS AGAINST THE CONFIRMATION OF ADDITION OF RS.40 LAKHS MADE BY THE ASSESSING OFFICER (AO) U/S. 68 OF THE INCOME-TAX ACT, 1961 (HEREINAFTER ALSO CALLED `THE ACT), WHICH CAME TO BE UPHELD BY THE LD. CIT(A) UNDE R SECTION 69B OF THE ACT. 3. BRIEFLY STATED, THE FACTS OF THE CASE ARE THAT THE ASSESSE E DEPOSITED A SUM OF RS.40 LAKHS IN HIS SAVINGS BANK ACCOU NT FROM WHICH THE MONEY WAS INVESTED IN MIS SCHEME. ON BEING CALLED UPON TO FURNISH THE EVIDENCE OF SUCH DEPOSIT OF RS.4 0 LAKHS, THE ASSESSEE SUBMITTED THAT HE HAD SOURCES OF INCOM E AND CUMULATIVE SAVINGS, ALONG WITH THAT OF HIS WIFE APART FROM SALE OF OLD JEWELLERY RECEIVED FROM THE GRANDMOTHER OF HIS WIFE. THE AO DID NOT ACCEPT THE ASSESSEES EXPLANATION AN D MADE AN ADDITION OF RS.40 LAKHS U/S. 68 OF THE ACT. THE LD . CIT(A) UPHELD THE ADDITION U/S.69B OF THE ACT. ITA NO.1511/PUN/2018 AND S.A.NO.109/PUN/2018 SHRI VIJAYKUMAR KRUSHNARAO RAWAL 3 4. I HAVE HEARD BOTH THE SIDES AND GONE THROUGH THE R ELEVANT MATERIAL ON RECORD. IT IS AN UNDISPUTED POSITION THAT THE ASSESSEE DEPOSITED A SUM OF RS.40 LAKHS IN MIS ACCOUNT. ACCORDINGLY, IT WAS THE DUTY OF THE ASSESSEE TO EXPLAIN THE SOURCE OF SUCH DEPOSITS. THE LD. AR EXPLAINED THE SOURCES OF SUCH DEPOSIT AS UNDER, AS TABLED ON PAGE 6 OF THE PAPER BOOK :- 1. THE PLOT SOLD OWNED JOINTLY AND DEPOSITED INTO BANK OF MAHARASHTRA RS.10,51,100/- 2 THE PROCEEDS OF PIGMY DEPOSITS AVAILABLE IN THE CASE OF ASSESSEE RS.18,25,000/- 3. THE PROCEEDS OF PIGMY DEPOSITS ON MATURITY IN THE NAME OF WIFE RS.8,03,000/- 4. AGRICULTURAL INCOME 5. SALE OF GOLD ORNAMENTS RECEIVED FROM GRANDMOTHER OF THE WIFE RS.3,57,560/- ------------------- RS.40,36,660/- ------------------- 5. ON BEING CALLED UPON TO FURNISH THE EVIDENCE OF SALE OF PLOT WHICH RESULTED INTO RECEIPT OF RS.10,51,100/- AND DEPOS ITS MADE BY THE ASSESSEE AND HIS WIFE IN R.D. ACCOUNT WHICH G OT MATURED INTO A SUM OF RS.18,25,000/- ALONG WITH THE BANK STATEMENTS SHOWING THE RECEIPT OF SUCH SUMS AND FURTHER THE EVIDENCE OF SALE OF GOLD ORNAMENTS RECEIVED FROM GRANDMO THER OF HIS WIFE, THE LD. AR SUBMITTED THAT SUCH EVIDENCE WAS ITA NO.1511/PUN/2018 AND S.A.NO.109/PUN/2018 SHRI VIJAYKUMAR KRUSHNARAO RAWAL 4 PLACED BEFORE THE AUTHORITIES BELOW. SINCE HE DID NOT HAVE THE COPY OF THE RELEVANT EVIDENCE, IT WAS PRAYED THAT THE MATTER MAY BE SENT BACK TO THE AO FOR EXAMINATION OF THE SAME. UNDER THE GIVEN FACTS AND CIRCUMSTANCES, I AM OF THE CONSIDERED OPINION THAT THE ENDS OF JUSTICE WOULD MEET ADEQUATELY IF THE IMPUGNED ORDER ON THIS SCORE IS SET-ASIDE AND THE MATTER IS RESTORED TO THE FILE OF AO. I ORDER ACCORDINGLY AND DIRECT HIM TO EXAMINE THE EVIDENCE IN RESPECT OF FOUR SOURCES, AS EXTRACTED ABOVE, AFTER GRANTING A REASONABLE OPPORTUNITY OF BEING HEARD TO THE ASSESSEE. 6. IN VIEW OF THE DISPOSAL OF THE APPEAL ITSELF, THE ASSESS EES STAY APPLICATION HAS BECOME INFRUCTUOUS. 7. IN THE RESULT, THE STAY APPLICATION IS DISMISSED AND THE APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 05TH DECEMBER, 2018. SD/- (R.S.SYAL) / VICE PRESIDENT PUNE; DATED : 05 TH DECEMBER, 2018 ITA NO.1511/PUN/2018 AND S.A.NO.109/PUN/2018 SHRI VIJAYKUMAR KRUSHNARAO RAWAL 5 / COPY OF THE ORDER IS FORWARDED TO : 1. / THE APPELLANT; 2. / THE RESPONDENT; 3. ( ) / THE CIT (APPEALS)-1, KOLHAPUR 4. / THE PR. CIT-1, KOLHAPUR 5. , , SMC / DR SMC, ITAT, PUNE; 6. / GUARD FILE. // TRUE COPY // / BY ORDER, // TRUE COPY // SENIOR PRIVATE SECRETARY , / ITAT, PUNE ITA NO.1511/PUN/2018 AND S.A.NO.109/PUN/2018 SHRI VIJAYKUMAR KRUSHNARAO RAWAL 6 DATE 1. DRAFT DICTATED ON 05-12-18 SR.PS 2. DRAFT PLACED BEFORE AUTHOR 05-12-18 SR.PS 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER JM 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER. JM 5. APPROVED DRAFT COMES TO THE SR.PS/PS SR.PS 6. KEPT FOR PRONOUNCEMENT ON SR.PS 7. DATE OF UPLOADING ORDER SR.PS 8. FILE SENT TO THE BENCH CLERK SR.PS 9. DATE ON WHICH FILE GOES TO THE HEAD CLERK 10. DATE ON WHICH FILE GOES TO THE A.R. 11. DATE OF DISPATCH OF ORDER. *