Shri Radha Krishna upadhyay, Aligarh V. I.T.O. WARD-I, Aligarh

ITA 181/AGR/2014

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 94110 (ITAT-AGRA)
• Duration Of Justice: 1 year(s) 1 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 12-08-2015
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: SMC
• Assessment Year: 2008-2009
• Appeal Filed On: 09-07-2014
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: BELU SINHA
• Keywords: Peak credit

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AGRA BENCH, AGRA BEFORE SH RI G.C. GUPTA, VICE PRES ID ENT AND SHRI INTURI RAMA RAO , ACCOUNTANT MEMBER ITA NO. 181/AGRA/2014 ASSESSMENT YEAR: 2008 - 09 SHRI RADHA KRISHNA UPADHYAY, VS. INCOME - TAX OFFICER, OPP. LAXMI C INEMA, GOOLER ROAD, WARD 1, ALIGARH. ALIGARH. (PAN : AARPG 4396 E) APPELLANT BY : SHRI PANKAJ GARGH, ADVOCATE RESPONDENT BY : SMT. BELU SINHA, SR. D.R. DATE OF HEARING : 23.07.2015 DATE OF PRONOUNCEMENT : 12.08.2015 O R D E R PER INTURI RAMA RAO , ACC OUNTANT MEMBER: THIS IS AN APPEAL FILED BY THE APPELLANT AGAINST THE ORDER OF LD . CIT(A) , MUZAFFARNAGAR DATED 02.01.2014 FOR THE A.Y. 2008 - 09, RAISING THE FOLLOWING GROUNDS OF APPEAL: 1. BECAUSE THE LD. CIT(A) HAS WRONGLY, ILLEGALLY AND ARBITRARILY CON FIRMED THE ADDITION OF RS.10,27,310/ - MADE BY THE ASSESSING OFFICER BEING THE AMOUNT OF CASH DEPOSITED IN ICICI BANK LTD ON THE GROUND THAT THE ASSESSEE CONCEAL THE SAID BANK ACCOUNT AND THE DEPOSITS MADE THEREIN AMOUNTING TO RS.10,27,310/ - DURING F.Y. 200 7 - 08. 2(I). BECAUSE THERE ARE REGULAR CASH DEPOSIT AND CASH WITHDRAWAL IN THE BANK ACCOUNT WITH ICICI BANK LTD. THE MAXIMUM BALANCE IN THE BANK ACCOUNT WITH ICICI BANK LTD DURING F.Y. 2007 - 08 IS RS.1,55,069/ - . ITA NO.181/AGRA/2014 A.Y. 2008 - 09 2 (II). BECAUSE CONSIDERING THE FACTS OF THE CASE, OBSERVATION/FINDING OF THE ASSESSING OFFICER AND THE LD. CIT(A) THAT IT IS UNDISCLOSED BANK ACCOUNT, THE BENEFIT OF PEAK CREDIT SHOULD HAVE BEEN ALLOWED BY LD. CIT(A) WHO ERRED BOTH IN LAW AND ON FACTS IN REJECTING THE APPELLANT S CLAIM. (III). BECA USE UNDER THE FACTS AND CIRCUMSTANCES OF THE CASE AT THE MOST PEAK BALANCE AMOUNTING TO RS.1,55,069/ - SHOULD HAVE BEEN CONSIDERED BY LD. CIT(A) FOR SUSTAINING ADDITION AND THE BALANCE AMOUNT OF RS.8,72,241/ - SHOULD HAVE BEEN DELETED. LD. CIT(A) HAS ERRED I N CONFIRMING THE ENTIRE ADDITION OF RS.10,27,310/ - . (IV). BECAUSE EVEN THE ENTIRE ADDITION OF RS.1,55,069/ - IS NOT SUSTAINABLE AS THE APPELLANT HAS ALREADY SHOWN INCOME OF RS.1,17,534/ - . BENEFIT OF THE AMOUNT OF INCOME SHOWN SHOULD HAVE BEEN ALLOWED BY LD . CIT(A). 2. THE ISSUE IN APPEAL RELATES TO THE ADDITION OF CASH DEPOSIT IN ICICI BANK, ALIGARH. THE A.O. FOUND THAT THERE ARE CASH DEPOSITS TO THE TUNE OF RS.10,27,310/ - AND THE ASSESSEE HAD FILED COPY OF THE BANK ACCOUNT IN THE PAPER BOOK. FROM TH E PERUSAL OF THE SAID BANK ACCOUNT, IT IS CLEAR THAT THERE ARE DEPOSITS AS WELL AS WITHDRAWAL IN THE ACCOUNT WHICH MEANS THAT THE ADDITION IF AT ALL IS TO BE MADE IT IS TO BE RESTRICTED TO THE PEAK CREDIT WHICH IN THIS CASE IS RS.1,55,069/ - . THEREFORE, WE DIRECT THE A.O. TO RESTRICT THE ADDITION TO A SUM OF RS.1,55,069/ - AND DELETE THE BALANCE ADDITION OF RS.8,72,241/ - . 3. IN THE RESULT, APPEAL FILED BY THE ASSESSEE IS PARTLY ALLOWED. (ORDER PRONOUNCED IN THE OPEN COURT ON 1 2.08.2015 ) SD / - SD/ - ( G.C. GUPTA ) ( INTURI RAMA RAO ) VICE PRESIDENT ACC OUNTANT MEMBER DATE: 1 2 TH AUGUST , 201 5 ITA NO.181/AGRA/2014 A.Y. 2008 - 09 3 PBN/* COPY OF THE ORDER FORWARDED TO: - 1. APPELLANT 2. RESPONDENT 3. CIT (APPEALS) CONCERNED 4. CIT CONCERNED 5. D.R., ITAT, AGRA BENCH, AGRA 6. GUARD FILE. BY ORDER ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL, AGRA BENCH, AGRA