ITO, New Delhi V. Sh. Subhash Bansal, Delhi

ITA 1916/DEL/2013

• Counselvise Citation: 191620114 RSA 2013
• Duration Of Justice: 2 year(s) 2 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 05-06-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: G
• Next Hearing Date: 04-06-2015
• Assessment Year: 2008-2009
• Appeal Filed On: 03-04-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: B R R KUMAR
• Assessee Lawyers: SELF
• Keywords: Peak credit

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: G NEW DELHI BEFORE SHRI R. S. SYAL, ACCOUNTANT MEMBER AND SHRI H. S. SIDHU , JUDICIAL MEMBER I .T.A .NO. - 1916 /DEL/2013 (ASSESSMENT YEAR - 2008 - 0 9 ) IT O VS. SHRI SUBHASH BANSAL, WARD - 34(3), G - 82, SEELAMPUR, NEW DELHI DELHI - 110053 PAN: ALUPB0514H (APPELLANT) (RESPONDENT) REVENUE BY: - SH. B. R. R. KUMAR , SR. DR. ASSESSEE BY: - SELF (ASSESSEE) DATE OF HEARING: 04/06/2015 DATE OF PRONOUNCEMENT: 05 /06/201 5 ORDER PER R. S. SYAL, AM : THIS APPEAL BY THE REVENUE IS DIRECTED AGAINST THE ORDER PASSED BY THE LD. CIT(A) ON 23.1.2013 IN RELATION TO THE ASSESSMENT YEAR 200 8 - 0 9 . 2. THE ONLY ISSUE RAISED THROUGH VARIOUS GROUNDS IS AGAINST RESTRICTING THE ADDITION ON ACCOUNT OF UNEXPLAINED BANK DEPOSITS AMOUNTING T O RS.14,11,587/ - MADE BY THE AO TO RS.1,95,309/ - , BEING THE PEAK CREDIT BALANCE REFLECTED IN THE B ANK STATEMENT. I.T.A .NO. - 1916/DEL/2013 2 3 . BRIEFLY STATED THE FACTS OF THE CASE ARE THAT THE ASSESSEE IS AN INDIVIDUAL WHO FILED HIS RETURN DECLARI NG TOTAL INCOME OF RS.1,13,910/ . AS PER THE AIR INFORMATION RECEIVED BY THE AO, THE ASSESSEE DEPOSITED A SUM OF RS.14,11,587/ - IN ICICI BANK LTD. SINCE THERE WAS NO PROPER CO - OPERATION EXTENDED BY THE ASSESSEE, THE AO MADE ADDITION OF RS. 14,11,587/ - , BEING THE AMOUNT OF CASH DEPOSITED IN THE ASSESSEE S BANK ACCOUNT. THE LD. CIT(A) RESTRICTED THE ADDITION T O RS.1,95,309/ - . THE REVENUE IS AGGRIEVED AGAINST THE RELIEF ALLOWED. 4. WE HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSED THE RELEVANT M ATERIAL ON RECORD. IT IS OBSERVED THAT THE ASSESSEE DEPOSITED A SUM OF RS.14,11,587/ - IN HIS B ANK ACCOUNT THROUGH VARIOUS DEPOSITS. THE AO HAS PICKED UP ONLY THE DEPOSITS ENTRIES AND TOTALLED THE SAME FOR MAKING THE INSTANT ADDITION. THE FACT REMAIN S THAT THERE WERE CERTAIN DEPOSITS AS WELL AS WITHDRAWALS. WHEN THERE ARE BOTH DEPOSITS AND WITHDRAWALS, IT IS IMPERMISSIBLE TO PICK UP THE DEPOSIT ENTRIES WITHOUT ALLOWING ANY RELIEF ON ACCOUNT OF WITHDRAWAL ENTRIES, UNLESS IT IS SHOWN THAT THE AMOUNT OF W ITHDRAW ALS BY THE ASSESSEE WAS USED ELSEWHERE. THERE IS NO SUCH AVERMENT IN THE ASSESSMENT ORDER. THE I.T.A .NO. - 1916/DEL/2013 3 LD. CIT(A) COMPUTED PEAK CREDIT AT RS.1,95,309/ - BY CONSIDERING BOTH THE DEPOSITS AND WITHDRAWALS IN / FROM THE B ANK IN CASH ACCOUNT AND ACCORDINGLY RESTRIC TED THE ADDITION TO THIS LEVEL. IN OUR CONSIDERED OPINION THERE IS NO INFIRMITY IN THE ORDER OF THE LD. CIT(A) WARRANTING ANY INTERFERENCE IN REDUCING THE ADDITION TO THE PEAK CREDIT OF RS.1,95,309/ - . WE, ERGO, UPHOLD THE SAME. 5 . IN THE RESULT, THE APPEA L IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 05 / 06/2015 . SD/ - SD/ - ( H. S. SIDHU ) (R. S. SYAL) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED: 05 /0 6 /201 5 *AK VERMA* COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(APPEALS) 5. DR: ITAT ASSISTANT REGISTR AR I.T.A .NO. - 1916/DEL/2013 4 DATE INITIAL 1. DRAFT DICTATED ON 04 /0 6 /201 5 PS 2. DRAFT PLACED BEFORE AUTHOR 04/06/2015 PS 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER 04/06/2015 JM/AM 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER. JM/AM 5. APPROVED DRAFT COMES TO THE SR.PS/PS 0 5 /06/2015 PS/PS 6. KEPT FOR PRONOUNCEMENT ON PS 7. FILE SENT TO THE BENCH CLERK 0 5 /06/2015 PS 8. DATE ON WHICH FILE GOES TO THE AR 9. DATE ON WHICH FILE GOES TO THE HEAD CLERK. 10. DATE OF DISPATCH OF ORDER. *