Sh. Mayank Bansal, Agra V. I.T.O. 1(2), Agra

ITA 205/AGR/2014

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 89212 (ITAT-AGRA)
• Duration Of Justice: 11 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 24-07-2015
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: DB
• Assessment Year: 2009-2010
• Appeal Filed On: 05-08-2014
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: BELU SINHA

Judgement Text

I.T.A. NO.205/AGRA/2014 ASSESSMENT YEAR: 2009-10 PAGE 1 OF 3 IN THE INCOME TAX APPELLATE TRIBUNAL AGRA BENCH, AGRA BEFORE: SHRI G.C. GUPTA, VICE-PRESIDENT AND SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER ITA NO.205/AGRA/2014 ASSESSMENT YEAR: 2009-10 MAYANK BANSAL, VS. INCOME-TAX OFFICER, 36-A, OLD VIJAY NAGAR COLONY, 1(2), AGRA. AGRA. [PAN:AGQPB 8055 N] APPELLANT BY : NONE RESPONDENT BY : SMT. BELU SINHA, SR. D.R. DATE OF HEARING : 22.07.2015 DATE OF PRONOUNCEMENT : 24.07.2015 O R D E R THIS APPEAL BY THE ASSESSEE FOR THE ASSESSMENT YE AR 2009-10 IS DIRECTED AGAINST THE ORDER OF THE CIT(A). 2. AT THE TIME OF HEARING OF APPEAL, NONE APPEARED ON BEHALF OF THE ASSESSEE-APPELLANT AND ACCORDINGLY, THE APPEAL OF T HE ASSESSEE IS BEING DECIDED EXPARTE QUA ASSESSEE-APPELLANT ON MER ITS AFTER HEARING THE LEARNED DR. 3. THE ONLY GROUND OF APPEAL OF THE ASSESSEE IS AS UNDER : BECAUSE THE LEARNED CIT(APPEALS) I AGRA, WRONGLY A ND ARBITRARILY MADE AN ADDITION OF RS.7,50,000/- IN TH E INCOME OF THE ASSESSEE. I.T.A. NO.205/AGRA/2014 ASSESSMENT YEAR: 2009-10 PAGE 2 OF 3 4. THE LEARNED DR SUBMITTED THAT THE ASSESSEE COULD NOT EXPLAIN THE SOURCE OF DEPOSIT OF CASH OF RS.7,50,000/- IN I TS BANK ACCOUNT AND THEREFORE, THE ADDITION WAS RIGHTLY CONFIRMED BY TH E CIT(A). SHE REFERRED TO THE RELEVANT PORTION OF THE ASSESSMENT ORDER AND THE APPELLATE ORDER PASSED BY THE CIT(A) IN SUPPORT OF THE CASE OF REVENUE. SHE RELIED ON THE ORDERS OF THE AO AND THE CIT(A). 5. WE HAVE CONSIDERED THE SUBMISSIONS OF THE LEARNE D DR AND PERUSED THE ORDERS OF THE AO AND THE CIT(A). WE FIN D THAT THE ASSESSEE HAS DEPOSITED A SUM OF RS.7,50,000/- IN IT S BANK ACCOUNT. HOWEVER, THE ASSESSEE HAS FILED AN EXPLANATION THAT HE HAS DEPOSITED THE CASH ACCUMULATED OVER A PERIOD OF LAS T 12 YEARS. THIS CASE IS A NO ACCOUNT CASE. HE HAS FILED ACKNOWLEDGM ENT OF RETURN OF INCOME FOR THE PAST FOUR ASSESSMENT YEARS WHEREIN T OTAL ASSESSABLE INCOME HAS BEEN SHOWN AT RS.3,14,870/-. CONSIDERING THE TOTALITY OF FACTS AND CIRCUMSTANCES OF THE CASE, WE ARE OF THE VIEW THAT SINCE THE ASSESSEE HAS FILED RETURN OF INCOME IN THE PAST MAN Y YEARS AND THERE IS NO MATERIAL ON RECORD TO SUGGEST THAT THE AMOUNT S ACCUMULATED IN THE PAST YEARS WERE DEPOSITED OR INVESTED IN ANY OT HER MANNER IN EARLIER YEARS, THE BENEFIT THEREOF SHOULD BE ALLOWE D TO THE ASSESSEE BY MAKING A REASONABLE ESTIMATE OF THE ACCUMULATED SAVINGS OF THE PAST YEARS. WE FIND THAT THE CIT(A) HAS CONFIRMED T HE ADDITION ONLY ON THE BASIS THAT THE INCOME SHOWN IN THE RETURN OF INCOME WAS NOT SUFFICIENT TO JUSTIFY THE SAVINGS OF RS.7,50,000/-. WE FIND THAT HE HAS MADE NO EXERCISE TO MAKE A REASONABLE ESTIMATE OF S OME JUSTIFIED FIGURE OF SAVINGS OF THE INCOME OF EARLIER YEARS AN D HAS STRAIGHTWAY CONFIRMED THE ADDITION AS UNEXPLAINED MONEY FOUND W ITH THE I.T.A. NO.205/AGRA/2014 ASSESSMENT YEAR: 2009-10 PAGE 3 OF 3 ASSESSEE. IN THESE FACTS OF THE CASE, WE ARE OF THE VIEW THAT SINCE THE ASSESSEE WAS FILING RETURN OF INCOME FOR PAST MANY YEARS AND WAS NOT FOUND TO HAVE INVESTED THE ACCUMULATED SAVINGS IN T HE PAST YEARS IN ANY ASSET, THE ENDS OF JUSTICE WILL BE MET IF THE B ENEFIT OF ACCUMULATED SAVINGS OF PAST YEARS AT RS.5,00,000/- IS ALLOWED T O THE ASSESSEE BY WAY OF ESTIMATE AND PREPONDERANCE OF PROBABILITIES, CONSIDERING THE INCOME RETURNED BY THE ASSESSEE IN THE PAST YEARS, AND THE BALANCE ADDITION OF RS.2,50,000/- IS CONFIRMED. ACCORDINGLY , GROUND NO. 1 OF APPEAL OF THE ASSESSEE IS PARTLY ALLOWED. 6. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS PA RTLY ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 24 TH JULY, 2015. SD/- SD/- INTURI RAMA RAO G.C. GUPTA (ACCOUNTANT MEMBER) (VICE- PRESIDEN T) DATED: AGRA: 24 TH JULY, 2015 *AKS/- COPIES TO: (1) THE APPELLANT (2) THE RESPOND ENT (3) COMMISSIONER (4) CIT(A) (5) DEPARTMENTAL REPRESENTATIVE(6) GUARD FILE BY ORDER ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL AGRA BENCH, AGRA