Bharat Bhushan, Ghaziabad V. ITO, Ghaziabad

ITA 217/DEL/2015

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 91423 (ITAT-DELHI)
• Duration Of Justice: 6 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 20-07-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC 2
• Next Hearing Date: 16-07-2015
• Assessment Year: 2010-2011
• Appeal Filed On: 12-01-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: MANOJ KR CHOPRA
• Keywords: Revised return

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH SMC-2, NEW DELHI) BEFORE SHRI J. S. REDDY, ACCOUNTANT MEMBER I.T.A. NO.217 /DEL/2015 ASSESSMENT YEAR : 2010-11 BHARAT BHUSHAN, VS. ITO, WARD 1(2), C/O U. S. BHARGAVA, ADV., GHAZIABAD 17, RAM NAGAR, GHAZIABAD GIR / PAN:AAOPB7861Q (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI U.S.BHARGAVA, SHRI DIVAKAR BHARGAVA, ADV. RESPONDENT BY : SHRI MANOJ KR. CHOPRA, SR. DR DATE OF HEARING : 16.07.2015 DATE OF PRONOUNCEMENT : 20.07.2015 ORDER THIS IS AN APPEAL FILED BY ASSESSEE DIRECTED AGAIN ST THE ORDER OF LD. CIT(A) GHAZIABAD, DATED 02.12.2014 FOR THE ASSESSME NT YEAR 2010-11 ON THE FOLLOWING GROUND: 1. THE LD A.O AS WELL AS LD CIT (APPEALS), GHAZIABA D ERRED IN NOT ALLOWING THE DEDUCTION OF RS 1,00,000/- ON THE INST ALLMENT PAYMENT ON HOUSING LOAN AS PROVIDED U/S 80-C (XVIII) OF THE I T ACT 1961. 2. THAT THE LD CIT (APPEALS) GHAZIABAD DID NOT .AGR EE WITH THE REMAND REPORT OF THE A.O DATED 03.11.2014 SUBMITTED BY THE PRESENT A.O DURING THE COURSE OF APPEAL PROCEEDINGS 3. THE DEDUCTION/DISALLOWANCES AS DENIED IS EXCESSI VE ARBITRARY AND UNCALLED FOR AND DESERVES TO BE DELETED. ITA NO.217/DEL/2015 2 2. THE BRIEF FACTS OF THE CASE AS STATED IN THE ASS ESSMENT ORDER ARE AS UNDER: THE ASSESSEE HAS SHOWN INCOME UNDER THE HEAD INCOM E FROM OTHER SOURCES. DURING THE YEAR UNDER CONSIDERATION THE AS SESSEE HAS DEPOSITED CASH EXCEEDING RS. 10,00,000/-IN HIS BANK ACCOUNT, THE ASSESSEE WAS ASKED TO FURNISH THE COPY OF BANK ACCO UNTS, SOURCE OF CREDIT ENTRIES APPEARING THEREIN. IN RESPONSE THE A SSESSEE FILED THE RELEVANT INFORMATION & DOCUMENTS WHICH WERE EXAMINE D. IT WAS NOTICED THAT THE ASSESSEE HAS TAKEN ADVANCE OF RS. 4, 80,000/- AS AGAINST THE SALE OF AGRICULTURAL LAND. THE ASSESSEE SUBMITTED THAT THE DEAL WAS NOT MATERIALIZED AND THE AMOUNT IN QUESTIO N WAS FORFEITED BY HIM. THE ASSESSEE HAS HIMSELF SURRENDERED ABOVE AMO UNT OF RS.4,80,000/-, TAKEN AS ADVANCE FOR THE SALE OF AGR ICULTURAL LAND. ACCORDINGLY, AN ADDITION OF RS. 4, 80,000/- HAS BEE N MADE TO THE INCOME OF THE ASSESSEE. (ADDITION RS. 4,80,000/-) 3. THE FIRST APPELLATE AUTHORITY REJECTED THE CLAIM OF ASSESSEE ON THE ADDITIONAL GROUND THAT THE CLAIM WAS NOT MADE BY FI LING REVISED RETURN. BEFORE US, THE ASSESSEE RELIED ON THE JUDGEMENT OF HON'BLE SUPREME COURT IN THE CASE OF NTPC. AS ALL THE FACTS ARE ON RECORD, WE ADMIT THE ADDITIONAL GROUND AND SET ASIDE THE ISSUE TO THE FILE OF A.O. TO ADJUDICATE THE CLAIM OF DEDUCTION MADE BY THE ASSESSEE U/S 80C(XVIII) OF TH E ACT. 4. IN THE RESULT, APPEAL FILED BY ASSESSEE IS ALLOW ED FOR STATISTICAL PURPOSES. 5. ORDER PRONOUNCED IN THE OPEN COURT ON 20 TH JULY, 2015. SD./- (J. S. REDDY) ACCOUNTANT MEMBER DATE:20 TH JULY, 2015 SP ITA NO.217/DEL/2015 3 COPY FORWARDED TO:- 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT 4. THE CIT (A)-, NEW DELHI. 5. THE DR, ITAT, LOKNAYAK BHAWAN, KHAN MARKET, NEW DEL HI. TRUE COPY. BY ORDER (ITAT, NEW DELHI). S.NO. DETAILS DATE INITIALS DESIGNATION 1 DRAFT DICTATED ON 16/7 SR. PS/PS 2 DRAFT PLACED BEFORE AUTHOR 20/7 SR. PS/PS 3 DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER JM/AM 4 DRAFT DISCUSSED/APPROVED BY SECOND MEMBER AM/AM 5 APPROVED DRAFT COMES TO THE SR. PS/PS 21/7/2015 SR. PS/PS 6 KEPT FOR PRONOUNCEMENT 21/7 SR. PS/PS 7 FILE SENT TO BENCH CLERK 21/7 SR. PS/PS 8 DATE ON WHICH THE FILE GOES TO HEAD CLERK 9 DATE ON WHICH FILE GOES TO A.R. 10 DATE OF DISPATCH OF ORDER