ITO 19(1)(1), MUMBAI V. NITIN GANPAT MUDRAS, MUMBAI

ITA 2051/MUM/2012

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 3901 (ITAT-MUMBAI)
• Duration Of Justice: 4 year(s) 1 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-05-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 19-02-2015
• Assessment Year: 2008-2009
• Appeal Filed On: 28-03-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: PRAKASH L PATHADE
• Keywords: Tax effect
• Section: 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, MUMBAI BEFORE SHRI B.R. BASKARAN (AM) & SHRI AMIT SHUKLA (JM) I.T.A. NO. 2051/MUM/2012 (ASSESSMENT YEAR 2008 - 2009) I.T.O - 19(1)(1), MUMBAI VS. SHRI NITIN GANPAT MUDRAS 494, SADHANA, 16 TH ROAD, KHAR (W), MUMBAI - 52. I.T.A. NO. 2247/MUM/2012 (ASSESSMENT YEAR 2008 - 2009) SHRI NITIN GANPAT MUDRAS 494, SADHANA, 16 TH ROAD, KHAR (W), MUMBAI - 52. VS. I.T.O - 19(1)(1), MUMBAI ( APPELLANT ) .. ( RESPONDENT ) PAN NO.AAAPM7700P ASSESSEE BY : SHRI PRAKASH L. PATHADE DEPARTMENT BY : NONE DATE OF HEARING : 12.04.2016 DATE OF PRONOUNCEMENT : 04 .0 5 .2016 O R D E R PER BENCH : THESE CROSS - APPEALS ARE DIRECTED AGAINST THE ORDER DT. 30.1.2012 PASSED BY CIT(A) - 30, MUMBAI FOR ASSESSMENT YEAR 2008 - 09. 2. AT THE TIME OF HEARING THE LD. DR FAIRLY ADMITTED THAT THE TAX EFFECT INVOLVED IN THE QUANTUM DISPUTED BY THE REVENUE IS LESS THAN RS. 10 LAKHS, HENCE, IN VIEW OF THE CIRCULAR NO. 21/2015 DT. 10.12.2015 THE REVENUE IS PRECLUDED FROM FILING THIS APPEAL B EFORE THE TRIBUNAL. ACCORDINGLY, THE APPEAL FILED BY THE REVENUE IS DISMISSED IN LIMINE. 2 SHRI NITIN GANPAT MUDRAS ITA NOS. 2051 & 2247/MUM/2012 3. NOW, WE SHALL TAKE UP THE APPEAL FILED BY THE ASSESSEE. NONE APPEARED ON BEHALF OF THE ASSESSEE EVEN THOUGH THE CASE WAS ADJOURNED AT THE REQUEST OF THE ASSESSEE ON THE EARLIER OCCASION. HENCE, WE PROCEED TO DISPO SE OF THE APPEAL EX PARTE . 4. THE ONLY ISSUE URGED IN THE APPEAL OF THE ASSESSEE RELATES TO THE ADDITION OF RS. 4,40,000/ - MADE BY THE ASSESSING OFFICER U/S 68 OF THE INCOME TAX ACT, 1961. DURING THE COURSE OF ASSESSMENT PROCEEDINGS, THE ASSESSING OFFICER NOTICED THAT THE ASSESSEE HAS PAID CITI BANK CREDIT CARD BILLS TO THE TUNE OF RS.6,67,127/ - . HOWEVER, THE ASSESSEE COULD NOT EXPLAIN SOURCES RELATING TO CERTAIN ENTRIES AGGREGATING TO RS.4,40,000/ - . EVEN THOUGH THE ASSESSEE CLAIMED THAT PAYMENT WAS MADE BY WAY OF TRANSFER OF BALANCE AVAILABLE UNDER OTHER CREDIT CARD ACCOUNTS, YET THE ASSESSING OFFICER NOTICED THAT THE SAID CLAIM DID NOT TALLY WITH THE ENTRIES AVAILABLE IN THE BANK ACCOUNT. THEREFORE, THE ASSESSING OFFICER ADDED A SUM OF RS. 4,40,000/ - U/S 68 OF THE INCOME TAX ACT, 1961 AND THE SAME WAS CONFIRMED BY THE LD. CIT(A). BEFORE US ALSO , NO MATERIAL WAS FURNISHED TO SUBSTANTIATE THE CONTENTIONS OF THE ASSESSEE. ACCORDINGLY, WE CONFIRM THE ORDER OF CIT(A) ON THIS ISSUE. 5. IN THE RESULT, BOTH THE APPEALS ARE DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 4 T H MAY, 2016. SD/ - SD/ - (AMIT SHUKLA) (B.R.BASKARAN) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI ; DATED : 4 T H MAY, 2016 *SSL* 3 SHRI NITIN GANPAT MUDRAS ITA NOS. 2051 & 2247/MUM/2012 COPY OF THE ORDER FORWARDED TO : 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT(A) 4. CIT 5. DR, ITAT, MUMBAI 6. GUARD FILE. BY ORDER, //TRUE COPY// (DY ./ASSTT. REGISTRAR) ITAT, MUMBAI