Chandana Banerjee, Kolkata V. I.T.O Wd - 11(1),kol, Kolkata

ITA 1991/KOL/2013

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 5029 (ITAT-KOLKATA)
• Duration Of Justice: 2 year(s) 8 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-03-2016
• Appeal Filed By: Assessee
• Bench Allotted: B
• Assessment Year: 2009-2010
• Appeal Filed On: 21-06-2013
• Court: TRIBUNAL
• Assessee Lawyers: SOUMITRA CHOW DHURY
• Keywords: Unexplained cash credit; Salary income; Peak credit
• Section: 143(3); 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH: KOL KATA [BEFORE SHRI MAHAVIR SINGH, JM & SHRI WASEEM AHMED , AM] I.T.A NO.1991/KOL/2013 ASSESSMENT YEAR: 2009-10 CHANDANA BANERJEE VS. INCOME-TAX OFFICER, WD- 11(1), KOLKATA (PAN: AHZPB3186A) ( APPELLANT ) ( RESPONDENT ) DATE OF HEARING: 09.03.2016 DATE OF PRONOUNCEMENT: 09.03.2016 FOR THE APPELLANT: SHRI SOUMITRA CHOWDHURY, ADVO CATE FOR THE RESPONDENT: SHRI SALLONG YADEN, JCIT, SR . DR ORDER PER SHRI MAHAVIR SINGH, JM: THIS APPEAL BY ASSESSEE IS ARISING OUT OF ORDER OF CIT(A)-XII, KOLKATA VIDE APPEAL NO. 190/XII/11(1)/11-12 DATED 15.03.2013. ASSESSMENT WA S FRAMED BY ITO, WD-11(1), KOLKATA U/S. 143(3) OF THE INCOME TAX ACT, 1961 (HEREINAFTER REF ERRED TO AS THE ACT) FOR ASSESSMENT YEAR 2009-10 VIDE HIS ORDER DATED 29.09.2011. 2. THE ONLY ISSUE IN THIS APPEAL OF ASSESSEE IS AG AINST THE ORDER OF CIT(A) IN TREATING THE CASH DEPOSIT INTO SAVINGS BANK ACCOUNT WITH AXIS BA NK AS SUPPRESSED INCOME. FOR THIS ASSESSEE HAS RAISED FOLLOWING RELEVANT TWO GROUNDS: 2. FOR THAT IN THE FACTS AND CIRCUMSTANCES OF THE CASE, THAT CASH DEPOSITED INTO SAVINGS BANK ACCOUNT WITH AXIS BANK TO THE TUNE OF RS.30,77,000/ - HAS BEEN TREATED AS SUPPRESSED INCOME AND ADDED TO TOTAL INCOME. 3. FOR THAT IN THE FACTS AND CIRCUMSTANCES OF THE CASE, THAT THESE CASH DEPOSITS OF RS.30,77,000/- WERE MADE OUT OF CASH WITHDRAWN RS.16,50,000/- ON V ARIOUS DATES FROM THE SAME BANK ACCOUNT AND ALSO OUT OF CASH WITHDRAWN FROM ICICI BANK OF RS.23 ,50,000/- ON VARIOUS DATES. 3. WE HAVE HEARD RIVAL SUBMISSIONS AND GONE THROUGH FACTS AND CIRCUMSTANCES OF THE CASE. BRIEF FACTS ARE THAT THE ASSESSEE IS HAVING INCOME FROM SALARY, BUSINESS, HOUSE PROPERTY AND OTHER SOURCES. DURING THE COURSE OF ASSESSMENT PROCEEDIN GS, THE AO NOTED THAT THE ASSESSEE HAS DEPOSITED CASH OF RS.30.77 LACS IN HER SAVINGS BANK ACCOUNT MAINTAINED WITH AXIS BANK, RASH BEHARI AVENUE BRANCH BUT COULD NOT EXPLAIN THE SOUR CE OF DEPOSIT. HENCE, THE AO TREATED THE ENTIRE CASH DEPOSIT AS UNEXPLAINED CASH CREDITS U/S . 68 OF THE ACT AND ADDED TO THE RETURNED 2 ITA NO.1991/KOL/2013 CHANDANA BANERJEE, AY 2009-10 INCOME OF THE ASSESSEE AMOUNTING TO RS.30.77 LACS. AGGRIEVED, ASSESSEE PREFERRED APPEAL BEFORE CIT(A), WHO ALSO CONFIRMED THE ACTION OF AO AS THE ASSESSEE COULD NOT PROVE THAT RECEIPTS FROM BUSINESS TRANSACTION AS SHE HAS FAILED TO FILE ANY RECONCILIATION OR EVIDENCE QUA THAT. AGGRIEVED, NOW ASSESSEE IS IN SECOND APPEAL BEFORE TRIBUNAL. 4. BEFORE US, AT THE OUTSET, LD. COUNSEL FOR THE AS SESSEE SUBMITTED A PEAK STATEMENT COMPUTED BY ASSESSEE AND STATED THAT ASSESSEES INCOME SHOUL D BE ESTIMATED AFTER VERIFYING THE PEAK CREDIT AND ENTIRE CASH DEPOSIT SHOULD NOT BE ADDED. WE FI ND FROM THE STATEMENT OF AXIS BANK THAT THERE ARE CASH WITHDRAWALS AS WELL AS CASH DEPOSITS. IT IS A FACT THAT CASH WITHDRAWALS AND CASH DEPOSITS SHOULD BE CONSIDERED AND PEAK OF THE SAME SHOULD BE ASSESSED AS INCOME. THIS VIEW OF OURS IS TAKEN IN THE CASE OF ITO VS. SHRI PIYUSH P ODDAR IN ITA NO. 1050/KOL/2011 FOR AY 2006- 07 DATED 07.09.2015. IN TERM OF THE ABOVE, WE REST ORE THE MATTER BACK TO THE FILE OF AO AFTER SETTING ASIDE THE ORDERS OF THE LOWER AUTHORITIES F OR FRAMING ASSESSMENT ON THE BASIS OF PEAK COMPUTATION OF CASH CREDIT ENTRIES IN AXIS BANK ACC OUNT. ACCORDINGLY, WE REMIT THE ISSUE BACK TO THE FILE OF AO FOR FRESH ADJUDICATION IN TERMS O F ABOVE. APPEAL OF ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. 5. IN THE RESULT, APPEAL OF ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT. SD/- SD/- (WASEEM AHMED) (MAHAVIR SINGH) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED : 9TH MARCH, 2016 JD. SR. P.S COPY OF THE ORDER FORWARDED TO: 1. APPELLANT SMT. CHANDANA BANERJEE,56, SADANANDA RO AD, KOLKATA-700026 2. RESPONDENT ITO, WARD-11(1), KOLKATA. 3. CIT(A) , KOLKATA 4. CIT , KOLKATA 5. DR, KOLKATA BENCHES, KOLKATA / TRUE COPY, BY ORDER, ASSTT. REGISTRAR .