Shri G. Subramanian, CHENNAI V. ITO, CHENNAI

ITA 2191/CHNY/2016

• Counselvise Citation: [2017] 130 COUNSELVISE.COM (IT) 8151 (ITAT-CHENNAI)
• Duration Of Justice: 5 month(s) 22 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 11-01-2017
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Next Hearing Date: 09-01-2017
• Assessment Year: 2012-2013
• Appeal Filed On: 20-07-2016
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: SUPRIYO PAL
• Keywords: Unexplained investment; Set aside
• Section: 32; 147; 131; 68; 246; 69; 145; 27; 148; 54; 37; 6; 56; 263; 63; 132; 12; 28; 144; 10; 90; 154; 2; 11; 15; 271(1)(b); 139; 92

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH (SMC) : CHENNAI . , BEFORE SHRI ABRAHAM P. GEORGE , ACCOUNTANT MEMBER ./I.T.A. NO. 2191/MDS/2016 / ASSESSMENT YEAR : 2012-2013. SHRI. G. SUBRAMANIAN, D BLOCK, 1-A, CEE DEE YESS REGAL PALM GARDENS, NO.383, VELACHERY TAMBARAM ROAD, CHENNAI 600 042. VS. THE INCOME TAX OFFICER, NON CORPORATE WARD 18(3) CHENNAI. [PAN ABGPS 8482B] ( / APPELLANT) ( /RESPONDENT) / APPELLANT BY : SHRI. K. MEENAKSHISUNDHARAM, I.T.P /RESPONDENT BY : SHRI. SUPRIYO PAL, IRS, JCIT. ! '# /DATE OF HEARING : 09-01-2017 $% '# /DATE OF PRONOUNCEMENT : 11-01-2017 / O R D E R IN THIS APPEAL FILED BY THE ASSESSEE, IT ASSAILS A N ADDITION OF >4,50,000/- FOR DEPOSITS IN BANK ACCOUNTS WHICH WAS TREATED BY THE LD. ASSESSING OFFICER AS UNEXPLAINED. THE ADDITION WAS CONFIRMED BY THE LD. COMMISSIONER OF INCOME TAX (APPEALS)-15, CHENNA I VIDE IMPUGNED ORDER DATED 23.05.2016. ITA NO.2191/MDS/2016. :- 2 -: 2. LD. AUTHORISED REPRESENTATIVE SUBMITTED THAT DEPOS ITS OF >2,90,000/- WITH M/S. LAKSHMI VILAS BANK AND >1,60, 000/- WITH M/S. HDFC BANK WERE NOT UNEXPLAINED. AS PER LD. AUTHORI SED REPRESENTATIVE ASSESSEE HAD SUFFICIENT SOURCE BY WA Y OF PROVIDENT FUND, ADVANCE ON SALE OF FLAT AND REFUNDS RECEIVED FROM ONE M/S. SREE CONSTRUCTIONS. AS PER LD. AUTHORISED REPRESENTATIV E THERE WERE NO CASH DEPOSITS IN THE BANK ACCOUNT BUT ALL CREDITS W ERE BY CHEQUES OR TRANSFERS. EVEN RENEWAL OF DEPOSITS WERE CONSIDERED AS UNEXPLAINED INVESTMENTS. LD. AUTHORISED REPRESENTATIVE SUBMITT ED THAT ASSESSEE WAS A RETIRED EMPLOYEE OF M/S. COMPUTER GRAPHICS IN DIA LIMITED. CONTENTION OF THE LD. AUTHORISED REPRESENTATIVE WAS THAT DEPOSITS WHICH WERE TREATED AS UNEXPLAINED WAS ONLY ROTATION OF DEPOSITS BETWEEN TWO BANKS. AS PER LD. AUTHORISED REPRESENT ATIVE IF GIVEN A CHANCE ASSESSEE COULD SHOW THAT DEPOSITS HAD PROPER SOURCE. 3. PER CONTRA, LD. DEPARTMENTAL REPRESENTATIVE STRONG LY SUPPORTED THE ORDERS OF THE AUTHORITIES BELOW. 4. . I HAVE CONSIDERED THE RIVAL CONTENTIONS AND PERUSE D THE ORDERS OF THE AUTHORITIES BELOW. ADDITION WAS MADE CONSIDERING DEPOSITS AGGREGATING TO >2,90,000/- IN M/S. LAKSHM I VILAS BANK AND >1,60,000/- IN HDFC AS UNEXPLAINED. CONTENTION OF THE LD. AUTHORISED REPRESENTATIVE IS THAT ASSESSEE WAS A RETIRED EMPLO YEE OF M/S. COMPUTER GRAPHICS INDIA LIMITED AND SOURCE OF THE D EPOSITS WERE ITA NO.2191/MDS/2016. :- 3 -: ADVANCE FOR SALE OF FLAT, REFUND FROM ONE M/S. SREE CONSTRUCTION APART FROM PROVIDENT FUND BENEFITS RECEIVED BY THE ASSESS EE AT THE TIME OF RETIREMENT. AS PER LD. AUTHORISED REPRESENTATIVE N ONE OF THE DEPOSITS WERE IN CASH. WE FIND THAT LD. COMMISSIONER OF INC OME TAX (APPEALS) HAD REJECTED THE CONTENTIONS OF THE ASSESSEE FOR A REASON THAT ASSESSEE WAS UNABLE TO CORRELATE THE DEPOSITS. I A M OF THE OPINION THAT CONSIDERING THE FACTS AND CIRCUMSTANCES OF THE CASE, THE MATTER REQUIRES A FRESH LOOK BY THE LD. ASSESSING OFFICER. WE SET ASIDE THE ORDERS OF THE LOWER AUTHORITIES AND REMIT THE ISSU E REGARDING SOURCE OF DEPOSITS IN BANK ACCOUNTS OF THE ASSESSEE WITH LA KSHMI VILAS BANK AND HDFC BANK TO THE FILE OF THE LD. ASSESSING OFFI CER FOR CONSIDERATION AFRESH IN ACCORDANCE WITH LAW. 5. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALLOW ED FOR STATISTICAL PURPOSE. ORDER PRONOUNCED ON WEDNESDAY, THE 11TH DAY OF JA NUARY, 2017, AT CHENNAI. SD/- ( . ) (ABRAHAM P. GEORGE) $ % / ACCOUNTANT MEMBER &'! / CHENNAI ( / DATED:11TH JANUARY, 2017. KV ) '+, -,' / COPY TO: 1. / APPELLANT 3. .' () / CIT(A) 5. ,12 '3 / DR 2. / RESPONDENT 4. .' / CIT 6. 24 5! / GF