SANJAY kUMAR AGRAWAL, Hazaribagh V. ITO WD-2(1), Hazaribagh

ITA 216/RAN/2016

• Counselvise Citation: [2019] 118 COUNSELVISE.COM (IT) 7766 (ITAT-RANCHI)
• Duration Of Justice: 2 year(s) 6 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-01-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2004-2005
• Appeal Filed On: 06-07-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: P K MONDAL
• Assessee Lawyers: RAJIV RANJAN MITTAL
• Keywords: Unexplained cash credit; Gift
• Section: 143(3); 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL RANCHI BENCH SMC, RANCHI BEFORE SH. S.S.GODARA, JUDICIAL MEMBER ITA NO.216/RAN/2016 [ASSESSMENT YEAR: 2004 - 05] SANJAY KUMAR AGRAWAL, C/O - SHRI RAM BHANDAR, BODDOM BAZAR, HAZARIBAGH. PAN - A CWPA4655K VS ITO, WARD - 2(1), HAZARIBAGH . (APPELLANT) (RESPONDENT) APPELLANT BY SH. RAJIV RANJAN MITTAL, CA RESPONDENT BY SH. P.K.MONDAL, JCIT DATE OF HEARING 07.01.2019 DATE OF PRONOUNCEMENT 09 .01.2019 ORDER PER SH. S.S.GODARA, JUDICIAL MEMBER THIS ASSESSEES APPEAL FOR AY 2004 - 05 ARISES AGAINST THE ORDER DATED 31.05.2016 PASSED BY THE CIT(A), HAZARIBAGH IN APPEAL NO.09/2009 - 10/214 / JSR/2006 - 07 IN PROCEEDINGS U/S 143(3) OF THE INCOME TAX ACT, 1961 (IN SHORT THE ACT). HEARD BOTH THE PARTIES. CASE FILE PER USED. 2. L EARNED COUNSEL STATES DURING THE COURSE OF HEARING THAT THE ASSESSEES SOLE SUBSTANTIVE GROUND RAISED IN TH E INSTANT APPEAL CHALLENGES CORRECTNESS OF BOTH THE LOWER AUTHORITIES ACTION TREAT ING SIX GIFTS FROM SMT. PUSHPA BASAEVALA, SH. VIKASH BAS AEVALA, S H . RANJIT KUMAR GUPTA, SH. JEEUT PRASAD JAIN, S H . S O HAN LAL JAIN & SH. JUGAL KISHORE GUPTA TO RS.90,000/ - , 45,000/ - , 1,50,000/ - , 1,50,000/ - , 1,50,000/ - & 2,00,000/ - RESPECTIVELY TO BE UNEXPLAINED CASH CREDIT LACKING GENUINENESS AND CREDITWORTHINES S U/S 68 OF THE ACT. I MAKE IT CLEAR THAT BOTH THE LOWER AUTHORITIES ARE FAIR IN NOT DISPUTING DONOR - D ONE E RELATIONSHIP (S) . ALTHOUGH THE ASSESSEE HAS FILED DONOR S CONFIRMATION (S) , BA N K STATEMENT, INCOME TAX RECORDS AND ALL OTHER MATERIAL, THE SAME HAVE NOT BEEN A CCEPTED SINCE THE IMPUGNED GIFTS HAVE BEEN PRECEDENT BY CASH DEPOSITS IN THE RESPECTIVE ACCOUNTS. BOTH THE LOWER ITA NO.2 16 /RAN/201 6 [ASSESSMENT YEAR: 20 04 - 05 ] PAGE | 2 AUTHORITIES HOLD THAT THE ASSESSEE HAS RESORTED TO ARRANGEMENT FOR DEPLOYING HIS OWN MONEY IN BUSINESS AS GIFTS. I FIND NO MERIT I N D EPAR TMENTAL R EPRESENTATIVES ARGUMENTS ON THIS REASON ALONG AS THERE I S NO ADDITION MADE IN THE DONORS HANDS REGARDING THE IMPUGNED CASH DEPOSIT S OR THEIR CASH IN HAND. I THEREFORE DIRECT THE A SSESSING O FFICER TO DELETE THE IMPUGNED ADDITION OF RS.7.85 LAKHS. 3 . THIS ASSESSEES APPEAL IS ALLOWED IN ABOVE TERMS. ORDER PRONOUNCED IN THE OPEN COURT ON 09 .01.2019. SD/ - (S.S.GODARA) JUDICIAL MEMBER DATE: - 09 .01.2019 *AMIT KUMAR* COPY FORWARDED TO: 1 . APPELLANT - SANJAY KUMAR AGRAWAL, C/O - SHRI RAM BHANDAR, BODDOM BAZAR, HAZARIBAGH. 2 . RESPONDENT - ITO, WARD - 2(1), HAZARIBAGH . 1 . CIT - RANCHI 2 . CIT(APPEALS) - RANCHI 3 . DR: ITAT - RANCHI BENCHES SR.P.S./H.O.O ITAT, RANCHI