P Prabhakar Reddy , Hyderabad V. Dy. Commissioner of Income Tax , Circle-17(2), Hyderabad

ITA 1721/Hyd/2018

• Counselvise Citation: [2021] 109 COUNSELVISE.COM (IT) 7573 (ITAT-HYDERABAD)
• Duration Of Justice: 2 year(s) 5 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 20-01-2021
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: DB-B
• Assessment Year: 2010-2011
• Appeal Filed On: 20-08-2018
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Assessee Lawyers: P MURALI MOHANA RAO
• Keywords: Gift

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES B : HYDERABAD (THROUGH VIDEO CONFERENCE) BEFOE SHRI A.MOHAN ALANKAMONY, ACCOUNTANT MEMBER AND SHRI S.S.GODARA, JUDICIAL MEMBER I.T.A. NO. 1721/HYD/2018 ASSESSMENT YEAR: 2010-11 P.PRABHAKAR REDDY, HYDERABAD [PAN: ADFPP2419J] VS DY.COMMISSIONER OF INCOME TAX, CIRCLE-17(2), HYDERABAD (APPELLANT) (RESPONDENT) FOR ASSESSEE : SHRI P.MURALI MOHANA RAO, AR FOR REVENUE : SHRI ROHIT MUJUMDAR, DR DATE OF HEARING : 11-01-2021 DATE OF PRONOUNCEMENT : 20-01-2021 O R D E R PER S.S.GODARA, J.M. : THIS ASSESSEES APPEAL FOR AY.2010-11 ARISES FROM TH E CIT(A)-5, HYDERABADS ORDER DATED 07-06-2018 PASSED IN CASE NO.0299/2017-18/CIT(A)-5 IN PROCEEDINGS U/S.143(3) R.W.S.147 OF THE INCOME TAX ACT, 1961 [IN SHORT, THE A CT]. HEARD BOTH THE PARTIES. CASE FILE PERUSED. 2. ASSESSEES TWIN SUBSTANTIVE GROUNDS RAISED IN THE INSTANT APPEAL CHALLENGE CORRECTNESS OF THE LOWER AUTHORITIES ACTION INVOKING SECTION 148/147 PROCEEDINGS THEREBY TREATING HIS CASH DEPOSITS OF RS.34 LAKHS IN THE RELEVANT PREVIOUS YEAR AS UNEXPLAINED IN THE COURSE OF ASSESSMENT AND AFFIRMED IN THE CIT(A)S ORDER. ITA NO. 1721/HYD/2018 :- 2 -: 3. LEARNED AUTHORISED REPRESENTATIVE IS FAIR ENOUGH IN NOT PRESSING FOR THE ASSESSEES LEGAL GROUND(S) CHALLENG ING VALIDITY OF THE RE-OPENING TAKEN RECOURSE BY THE ASSESSING OFF ICER. HIS ONLY CASE IS THAT THE IMPUGNED CASH DEPOSITS ARE IN TH E NATURE OF RE-DEPOSITED AMOUNTS WITHDRAWN EARLIER FROM THE ASSE SSEES BANK ACCOUNTS AS WELL AS GIFTS ETC., RECEIVED FROM CLO SE RELATIVES. 4. THE REVENUES CASE ON THE OTHER HAND IS THAT THIS PL EA HAD NEVER BEEN PROVED BEFORE EITHER OF THE LOWER AUTHO RITIES. THE CLINCHING FACT REMAINS IS THAT CASE FILE DOES NOT I NDICATE ABOUT THE ASSESSING OFFICERS DIRECTIONS ISSUED TO THE A SSESSEE TO THIS EFFECT. WE THEREFORE DEEM IT APPROPRIATE TO RESTOR E THE INSTANT CASH DEPOSITS ISSUE BACK TO THE ASSESSING OFFICE R FOR HIS AFRESH ADJUDICATION/NECESSARY FACTUAL VERIFICATI ON IN ASSESSEES GIFTS CLAIM. IT IS MADE CLEAR THAT ASSESSEE SHALL APPEAR HIMSELF OR THROUGH HIS AUTHORISED REPRESENTATI VE ON OR BEFORE 31-05-2021 AND THEREAFTER HE SHALL BE AFFORDED THREE EFFECTIVE OPPORTUNITIES OF HEARING ON HIS OWN RISK AND RESPONSIBILITY TO FILE AND PROVE ALL THE NECESSARY IN GREDIENTS EXPLAINING THE SOURCE OF THE CASH DEPOSITS OF RS.34 LA KHS. 5. THIS ASSESSEES APPEAL IS TREATED AS PARTLY ALLOWE D FOR STATISTICAL PURPOSES IN ABOVE TERMS. ORDER PRONOUNCED IN THE OPEN COURT ON 20 TH JANUARY, 2021 SD/- SD/- ( A. MOHAN ALANKAMONY ) ( S.S. GODAR A ) ACCOUNTANT MEMBER JUDICIAL MEMBER HYDERABAD, DATED: 20-01-2021 TNMM ITA NO. 1721/HYD/2018 :- 3 -: COPY TO : 1.SHRI P.PRABHAKAR REDDY, C/O. P.MURALI & CO., CHAR TERED ACCOUNTANTS, 6-3-655/2/3, 1 ST FLOOR, SOMAJIGUDA, HYDERABAD. 2.THE DY.COMMISSIONER OF INCOME TAX, CIRCLE-17(2), HYDERABAD. 3.CIT(APPEALS)-5, HYDERABAD. 4.PR.CIT-5, HYDERABAD. 5.D.R. ITAT, HYDERABAD. 6.GUARD FILE.