Dangeti Subrahmanyam, Kakinada V. The Income Tax Officer, Ward-2, , Kakinada

ITA 161/VIZ/2019

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 2872 (ITAT-VISAKHAPATNAM)
• Duration Of Justice: 2 month(s) 4 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 14-06-2019
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2010-2011
• Appeal Filed On: 09-04-2019
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: SUMAN MALIK
• Keywords: Unexplained investment
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL VISAKHAPATNAM BENCH, VISAKHAPATNAM BEFORE SHRI V. DURGA RAO , HONBLE JUDICIAL MEMBER & SHRI D.S. SUNDER SINGH , HONBLE ACCOUNTANT MEMBER ITA NO. 161 / VIZ /201 9 (ASST. YEAR : 20 1 0 - 11 ) DANGETI SUBRAHMANYAM, D.NO. 16 - 23 - 45/1B, DAIRY FARM CENTRE, KAKINADA. V S . IT O , WARD - 2 , KAKINADA . PAN NO. AFQPD 4099 D (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI G.V.N. HARI ADV OCATE . DEPARTMENT BY : SMT. SUMAN MALIK - SR. DR DATE OF HEARING : 12 / 0 6 /201 9 . DATE OF PRONOUNCEMENT : 14 / 0 6 /201 9 . O R D E R PER V. DURGA RAO, JUDICIAL MEMBER TH IS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER OF COMMISSIONER OF INCOME TAX (APPEALS) - 1 , GUNTUR , DATED 2 8 / 12 /201 8 FOR THE ASSESSMENT YEAR 20 1 0 - 11 . 2. FACTS OF THE CASE, IN BRIEF, ARE THAT THE ASSESSEE IS AN INDIVIDUAL, FILED HIS RETURN OF INCOME BY ADMITTING TOTAL INCOME OF RS. 1,31,780/ - . THE CASE OF THE ASSESSEE WAS SELECTED FOR SCRUTINY UNDER CASS. THE ASSESSING OFFICER, AFTER FOLLOWING DUE 2 ITA NO. 161 /VIZ/2019 ( DANGETI SUBRAHMANYAM ) PROCEDURE, ASSESSMENT WAS COMPLETED UNDER SECTION 143(3) OF THE INCOME TAX ACT, 1961 (HEREINAFTER REFERRED TO AS 'ACT') . DURING THE COURSE OF ASS ESSMENT PROCEEDINGS, THE ASSESSING OFFICER HAS NOTED THAT THERE ARE CASH DEPOSITS IN THE BANK ACCOUNT OF THE ASSESSEE . WHEN ASSESSING OFFICER ASKED THE SAME, THE ASSESSEE SUBMITTED THAT THOSE CASH DEPOSITS ARE B ELONGING TO THE VARIOUS CLIENTS IN RESPECT OF SHARE TRADING. THE ASSESSEE HAS NOT PROVIDED ANY DETAILS OF HIS CLIENTS, THEREFORE THE ASSESSING OFFICER HAS TREATED THE CASH DEPOSITS IN THE BANK ACCOUNT ARE BELONG ING TO THE ASSESSEE. ACCORDINGLY, AFTER REDUCING COMMISSION FROM THE PEAK C REDIT , BALANCE AMOUNT OF RS. 6,08,999/ - WAS ADDED AS UNEXPLAINED INVESTMENT TO THE INCOME RETURNED. 3 . ON APPEAL BEFORE THE LD. CIT(A), THE ASSESSEE HAS SUBMITTED THAT CASH DEPOSITS FOUND BY THE ASSESSING OFFICER IN THE BANK ACCOUNT OF THE ASSESSEE ARE BELONGING HIS CLIENTS AND NOT HIM , BUT NOT FILED ANY EVIDENCE TO SUBSTANTIATE HIS CLAIM, THEREFORE LD.CIT(A) CONFIRMED THE ORDER OF THE ASSESSING OFFICER. EVEN BEFORE US, NO EVIDENCE IS FILED. IN ABSENCE OF EVIDENCE, WE FIND NO REASON TO INTERFERE WITH THE ORDER PASSED BY THE LD. CIT(A) . THUS, THIS APPEAL FILED BY THE ASSESSEE IS DISMISSED. 3 ITA NO. 161 /VIZ/2019 ( DANGETI SUBRAHMANYAM ) 4 . IN THE RESULT, APPEAL FILED BY THE ASSESSEE IS DISMISSED. ORDER PRONOUNCED IN OPEN COURT ON TH IS 1 4 T H DAY OF JUNE , 201 9 . S D / - S D / - ( D.S. SUNDER SINGH ) ( V. DURGA RAO ) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED : 1 4 T H JUNE , 201 9 . VR/ - COPY TO: 1. THE ASSESSEE DANGETI SUBRAHMANYAM, D.NO. 16 - 23 - 45/1B, DAIRY FARM CENTRE, KAKINADA. 2. THE REVENUE ITO, WARD - 2, KAKINADA. 3. THE PR. CIT - 2, VISAKHAPATNAM. 4. THE CIT(A) - 1, GUNTUR. 5. THE D.R . , VISAKHAPATNAM. 6. GUARD FILE. BY ORDER (VUKKEM RAMBABU) SR. PRIVATE SECRETARY, ITAT, VISAKHAPATNAM.