JAYESH K SAMPAT, MUMBAI V. DCIT CEN CIR 46, MUMBAI

ITA 160/MUM/2014

• Counselvise Citation: [2016] 131 COUNSELVISE.COM (IT) 3089 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 8 month(s) 20 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-09-2016
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: J
• Next Hearing Date: 15-10-2015
• Assessment Year: 2010-2011
• Appeal Filed On: 07-01-2014
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: ALOK JOHRI
• Keywords: Business expenditure; Principle of natural justice

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL J B ENCH, MUMBAI BEFORE SHRI C.N. PRASAD, JUDICIAL MEMBER AND SHRI N.K. PRADHAN, ACCOUNTANT MEMBER / I .TA NO. 160/MUM/2014 ( / ASSESSMENT YEAR: 2010-11 MR. JAYESH K. SAMPAT, BLOCK H, SHRI SADASHIV CHS LTD., 6 TH ROAD, SANTACRUZ (E), MUMBAI-400 055 / VS. THE DCIT, CENTRAL CIRCLE-46, AAYAKAR BHAVAN, MUMBAI-400 020 ./ ./ PAN/GIR NO. ( / APPELLANT ) .. ( / RESPONDENT ) / APPELLANT BY: SHRI MUKESH CHOKSI / RESPONDENT BY: SHRI ALOK JOHRI / DATE OF HEARING :27.09.2016 ! / DATE OF PRONOUNCEMENT :27.09.2016 / O R D E R PER C.N. PRASAD, JM: THIS APPEAL IS FILED BY THE ASSESSEE AGAINST THE O RDER OF THE LD. CIT(A)-38, MUMBAI DATED 22.11.2013 PERTAINING TO AS SESSMENT YEAR 2010-11. 2. THE ASSESSEE HAS RAISED THE FOLLOWING GROUNDS: 1. THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS )-38 HAS ERRED IN LAW AND IN FACTS IN CONFIRMING THE INCOME OF THE ITA NO. 160/MUM/2014 2 APPELLANT AT RS. 13,05,770/- AS AGAINST RETURNED IN COME OF RS 3,59,820/- 2. THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS) - 38 HAS ERRED IN LAW AND IN FACTS IN PASSING THE ORDER WITHOUT COMPLYING WITH THE PRINCIPLES OF NATURAL JUSTICE. 3. THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS) - 38 HAS ERRED IN LAW AND IN FACTS IN CONFIRMING THE RAT E OF 2% INCOME ON ENTIRE BANK DEPOSITS AS AGAINST 0.15% OFF ERED AND BY MAKING AN ADDITION OF RS 9,45,950/-. 4. THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS) - 38 HAS ERRED IN LAW AND IN FACTS IN ESTIMATING THE INC OME ON GROSS RECEIPTS WITHOUT REDUCING THE TRANSFER ENTRIE S AMOUNT IN BANK ACCOUNT FROM WHICH NO INCOME IS EARN ED. 5. THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS) - 38 HAS ERRED IN LAW AND IN FACTS IN CONFIRMING 2% INCO ME ON ENTIRE BANK DEPOSITS MANAGED BY AGENTS AS AGAINST 0 .03% OFFERED BY THE APPELLANT. 6. THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS) - 38 HAS ERRED IN LAW AND IN FACTS IN CONFIRMING INCOME OF THE APPELLANT OF RS. 5,60,062/- ON A/C OF JEWELLARY FOU ND AT THE TIME OF SEARCH EVEN THOUGH IT WAS ACQUIRED AT THE T IME OF MARRIAGES OF HIS PARENTS & HIMSELF AND ARE WITHIN T HE LIMITS OF EXEMPTION AVAILABLE UNDER INCOME TAX ACT, 1961. 7.THE LD. CIT(A) -38 HAS ERRED IN LAW AND IN FACTS IN NOT ALLOWING BUSINESS EXPENSES AGAINST THE INCOME ESTIM ATED. 3. AT THE TIME OF HEARING, THE LD. COUNSEL FOR THE ASSESSEE SUBMITS THAT THIS APPEAL MAY BE DISMISSED AS WITHDRAWN SINC E THE ASSESSEE HAS ALREADY FILED AN APPEAL AGAINST THE ORDER OF TH E LD. CIT(A) FOR ASSESSMENT YEAR 2010-11 WHICH IS NUMBERED AS ITA NO . 1005/MUM/2015. TAKING NOTE OF THE SUBMISSION OF TH E LD. COUNSEL, ITA NO. 160/MUM/2014 3 THIS APPEAL IS DISMISSED AS WITHDRAWN AS THE ASSESS EE FILED TWO APPEALS AGAINST THE ORDER OF THE LD. CIT(A) FOR THE ASSESSMENT YEAR 2010-11. 4. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS DISMISSED AS WITHDRAWN. ORDER PRONOUNCED IN THE OPEN COURT ON 27 TH SEPTEMBER, 2016. SD/- SD/- (N.K. PRADHAN) (C.N. PRASAD ) ' / ACCOUNTANT MEMBER $ %' /JUDICIAL MEMBER MUMBAI; (' DATED 27 TH SEPTEMBER, 2016 . % . ./ RJ , SR. PS !'#$#! / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ) ( ) / THE CIT(A)- 4. ) / CIT 5. *+ ,%%-. , -.! , / DR, ITAT, MUMBAI 6. , /01 / GUARD FILE. / BY ORDER, *% //TRUE COPY// / (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI