Shri Ashokkumar Y. Yadav, Ahmedabad V. The Income Tax Officer, Ward-13(1), Ahmedabad

ITA 168/AHD/2015

• Counselvise Citation: [2017] 127 COUNSELVISE.COM (IT) 8580 (ITAT-AHMEDABAD)
• Duration Of Justice: 2 year(s) 7 month(s) 16 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 05-09-2017
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Assessment Year: 2010-2011
• Appeal Filed On: 19-01-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ALOKKUMAR SR DR
• Keywords: Unexplained cash credit; Gift
• Section: 68

Judgement Text

, .. , IN THE INCOME TAX APPELLATE TRIBUNAL SMC BENCH, AHMEDABAD , , BEFORE SHRI PRADIP KUMAR KEDIA, ACCOUNTANT MEMBER & SHRI MAHAVIR PRASAD, JUDICIAL MEMBER ./ I.T.A. NO.168/AHD/2015 ( / ASSESSMENT YEAR : 2010-11) SHRI ASHOKKUMAR Y. YADAV A/52, PRATHANA BUNGALOWS OPP. AMBEDKAR HALL SARASPUR AHMEDABAD-380 002 / VS. THE INCOME TAX OFFICER WARD-13(1) AHMEDABAD # ./ ./ PAN/GIR NO. : AAHPY 5612 K ( #& / APPELLANT ) .. ( '#& / RESPONDENT ) #&( / APPELLANT BY : SHRI P.F. JAIN, AR '#& )( / RESPONDENT BY : SHRI ALOKKUMAR, SR.DR *+ ), / DATE OF HEARING 25/07/2017 -./0 ), / DATE OF PRONOUNCEMENT 05/09/2017 / O R D E R PER PRADIP KUMAR KEDIA - AM: THE CAPTIONED APPEAL BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER OF THE COMMISSIONER OF INCOME TAX(APPEALS)-7, AHME DABAD [CIT(A) IN SHORT] DATED 16/12/2014 FOR THE ASSESSMENT YEAR (AY) 2010-11. 2. THE ASSESSEE HAS RAISED SEVERAL GROUNDS AGAINST THE ORDER OF THE CIT(A)-7 BUT IN SUBSTANCE HAS ASSAILED ADDITION OF RS.1 LAKH MADE UNDER ITA NO.168/AHD/ 2015 ASHOKKUMAR Y. YADAV VS. ITO ASST.YEAR 2010-11 - 2 - S.68 OF THE INCOME TAX ACT, 1961 (HEREINAFTER REFER RED TO AS 'THE ACT') TOWARDS CASH DEPOSIT BY THE ASSESSEE IN THE BANK AC COUNT. 3. THE ASSESSEE, AN INDIVIDUAL, FILED RETURN OF I NCOME FOR AY 2010- 11 DECLARING TAXABLE INCOME OF RS.11,01,250/-. THE CASE WAS SUBJECTED TO SCRUTINY ASSESSMENT. IN THE COURSE OF THE ASSES SMENT PROCEEDINGS, THE ASSESSING OFFICER (AO) INTER ALIA OBSERVED THAT IN THE SAVING BANK ACCOUNT WITH BANK OF BARODA THE ASSESSEE IS FOUND T O HAVE DEPOSITED CASH OF RS.1 LAKH ON 03/03/2010. THE SOURCE OF CAS H DEPOSIT AND SUPPORTING DOCUMENTARY EVIDENCES WAS NOT FOUND SATI SFACTORY. ACCORDINGLY, THE AO INVOKED SECTION 68 OF THE ACT A ND ADDED RS.1 LAKH TOWARDS AN UNEXPLAINED CASH CREDIT WITHIN THE MEANI NG OF PROVISIONS OF SECTION 68 OF THE ACT. IN THE FIRST APPEAL, THE CI T(A) ENDORSED THE ACTION OF THE AO AND FOUND THE APPEAL OF THE ASSESSEE AS B EREFT OF ANY MERITS. 4. AGGRIEVED BY THE ORDER OF THE CIT(A), THE ASSESS EE IS IN APPEAL BEFORE THE TRIBUNAL. 5. THE LD.AR MR.P.F.JAIN SUBMITTED THAT THE SOURCE OF CASH DEPOSIT WAS GIFT IN CASH FROM HIS FATHER. THE LD.AR SUBMIT TED THAT CONFIRMATION FROM HIS FATHER IN THIS REGARD WAS OBTAINED AT THE APPELLATE STAGE AND FILED BEFORE THE CIT(A). IT IS THUS INCORRECT TO SUMMARI LY REJECT THE EXPLANATION OF THE ASSESSEE. ITA NO.168/AHD/ 2015 ASHOKKUMAR Y. YADAV VS. ITO ASST.YEAR 2010-11 - 3 - 6. THE LD.DR, ON THE OTHER HAND, RELIED UPON THE OR DERS OF THE AUTHORITIES BELOW. 7. WE HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSED THE RECORD. WE NOTICE FROM THE SUBMISSION MADE BEFORE THE CIT(A) W HEREBY THE STAND TAKEN BEFORE THE AO THAT THE AMOUNT WAS SOURCED FR OM ASSESSEES FATHER WAS REITERATED AND EVIDENCE THEREOF IN THE FORM OF CONFIRMATION FROM HIS FATHER WAS ALSO PLACED ON RECORD. THE CIT(A) HAS N OT GIVEN ANY REASON FOR REJECTING THE EVIDENCE. HAVING REGARD TO THE I NCOME PROFILE OF THE ASSESSEE AS WELL AS THE SMALLNESS OF AMOUNT THE EXP LANATION OFFERED BY THE ASSESSEE IS FOUND TO BE SOMEWHAT PLAUSIBLE. TH E BENEFIT OF DOUBT IN OUR VIEW REQUIRES TO BE GIVEN TO THE ASSESSEE. AC CORDINGLY, AFORESAID ADDITION OF RS.1 LAKH MADE UNDER S.68 OF THE ACT RE QUIRES TO BE DELETED. 8. IN THE RESULT, APPEAL OF THE ASSESSEE IS ALLOWED . THIS ORDER PRONOUNCED IN OPEN COURT ON 05 / 09 /2017 SD/- SD/- ( ) ( ) ( MAHAVIR PRASAD ) ( PRADIP KUMAR KEDIA ) JUDICIAL MEMBER ACCOUNTANT MEMBER AHMEDABAD; DATED 05/ 09 /2017 4..*,.*../ T.C. NAIR, SR. PS ITA NO.168/AHD/ 2015 ASHOKKUMAR Y. YADAV VS. ITO ASST.YEAR 2010-11 - 4 - !'#$%&%# / COPY OF THE ORDER FORWARDED TO : 1. #& / THE APPELLANT 2. '#& / THE RESPONDENT. 3. 567, 8, / CONCERNED CIT 4. 8, ( ) / THE CIT(A)-AHMEDABAD 5. 9:;,*67 , 67 0 , 5 / DR, ITAT, AHMEDABAD 6. ;<+ / GUARD FILE. / BY ORDER, '9,, //TRUE COPY// / ( DY./ASSTT.REGISTRAR) , / ITAT, AHMEDABAD 1. DATE OF DICTATION .. 18.8.17 (DICTATION-PAD 6-P AGES ATTACHED AT THE END OF THIS APPEAL-FILE) 2. DATE ON WHICH THE TYPED DRAFT IS PLACED BEFORE THE DICTATING MEMBER 22.8.17/30.8.17 3. OTHER MEMBER 4. DATE ON WHICH THE APPROVED DRAFT COMES TO THE SR.P. S./P.S.. 5. DATE ON WHICH THE FAIR ORDER IS PLACED BEFORE THE D ICTATING MEMBER FOR PRONOUNCEMENT 6. DATE ON WHICH THE FAIR ORDER COMES BACK TO THE SR.P .S./P.S. 7. DATE ON WHICH THE FILE GOES TO THE BENCH CLERK 8. DATE ON WHICH THE FILE GOES TO THE HEAD CLERK ... 9. THE DATE ON WHICH THE FILE GOES TO THE ASSISTANT RE GISTRAR FOR SIGNATURE ON THE ORDER.. 10. DATE OF DESPATCH OF THE ORDER