SANTOSH KUMAR JAIN, RANCHI V. DCIT CIR-3 , RANCHI

ITA 17/RAN/2018

• Counselvise Citation: [2020] 111 COUNSELVISE.COM (IT) 0245 (ITAT-RANCHI)
• Duration Of Justice: 2 year(s) 1 month(s) 22 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 06-03-2020
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Assessment Year: 2014-2015
• Appeal Filed On: 15-01-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: M K CHAUDHURY
• Keywords: Unexplained cash credit
• Section: 143(3); 201; 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL RANCHI BENCH, RANCHI BEFORE SHRI S.S.GODARA, JUDICIAL MEMBER AND DR. A.L. SAINI, ACCOUNTANT MEMBER ITA NO. 17 / RAN / 201 8 ASSESSMENT YEAR :2014-15 SANTOSH KUMAR JAIN, BIG SHOP. GEL CHURCH COMPLEX, RANCHI-834001 [ PAN NO. ABQPJ 9603 B ] V/S . DY. COMMISSIONER OF INCOME TAX, CIRCLE-3, RANCHI /APPELLANT .. / RESPONDENT /BY APPELLANT SHRI M.K. CHAUDHURY, ADVOCATE /BY RESPONDENT SRI AJAY KUMAR, ADDL. CIT-DR /DATE OF HEARING 06-03-2020 /DATE OF PRONOUNCEMENT 06-03-2020 / O R D E R PER BENCH (ORAL):- THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2014-15 ARISES AGAINST THE COMMISSIONER OF INCOME TAX (APPEALS)-RANCHIS O RDER DATED 21.11.2017 PASSED IN CASE NO.CIT(A), RQANCHI/10445/2016-17 INV OLVING PROCEEDINGS U/S 143(3) OF THE INCOME TAX ACT, 1961; IN SHORT THE A CT. HEARD BOTH THE PARTIES. CASE FILE PERUSED 2. THE ASSESSEES SOLE SUBSTANTIVE GRIEVANCE IN THE INSTANT LIS CHALLENGE CORRECTNESS OF BOTH THE LOWER AUTHORITIES ACTION TR EATING THE CREDIT SUM OF 4 LAKH IN CASE OF M/S CENTURY INVESTMENT & TRADING CO . LTD. AS UNEXPLAINED CASH CREDITS U/S 68 OF THE ACT. LEARNED DR VEHEMENT LY CONTENDS THAT THE SAID ITA NO.17/RAN/2018 A.Y. 2014-15 SANTOSH KR. JAIN VS. DCIT CIR-3, RANCHI PAGE 2 COMPANY; ALLEGEDLY A GROUP ENTITY, WAS FOUND HAVING BEEN OPERATING FROM A MERE SINGLE FAX MACHINE WITHOUT ANY FIXED ASSET OR BUSINESS ACTIVITIES. HE FAILS TO DISPUTE THAT THE ASSESSEES ASSESSING AUTHORITY ITSELF HAD HIMSELF ACCEPTED THE OPENING BALANCE PERTAINING TO THE VERY ACCOUNT AMOUNTING TO 12,55,960/- FOLLOWED BY DEBIT INSTANCE FROM TAXPAYER SIDE TO TH E TUNE OF 50,000/-, 1,00,000, 60,000/- AND 45,96 ON VARIOUS AS MANY OCCASIONS DURING THE RELEVANT PREVIOUS YEAR. WE THUS ADOPT CONSISTENCY A ND HOLD THAT SINCE THE ASSESSING OFFICER HAS ACCEPTED DEBIT SIDE IN CASE O F THE VERY ENTITY, THERE IS HARDLY ANY JUSTIFICATION IN TREATING ONLY THE CREDI T SIDE AS UNEXPLAINED RESULTING IN THE IMPUGNED ADDITION. WE THUS DIRECT THE ASSESS ING OFFICER TO DELETE THE IMPUGNED ADDITION. 3. THIS ASSESSEES APPEAL IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT AT TH E CLOSE OF HEARING ON FRIDAY, 6 TH MARCH 2020 SD/- SD/- ( ) ('# ) (DR. A.L. SAINI) (S.S.GODARA) (ACCOUNTANT MEMBER) (JUDICIAL MEMBER) RANCHI, *DKP SR.P.S. $- 06 / 03 /20 20 / COPY OF ORDER FORWARDED TO:- 1. /APPELLANT-SANTOSH KR. JAIN, BIG SHOP GEL CHURCH CO MPLEX, RANCHI-834001 2. /RESPONDENT-DCIT, CIR-3, RANCHI 3. / 2 / CONCERNED CIT RANCHI 4. 2- / CIT (A) RANCHI 5. 5 ##/, /, / DR, ITAT, RANCHI 6. ; / GUARD FILE. BY ORDER/ , SR.PS, (ON TOUR), RANCHI