M/S CREATIVE INTERIOR DECOR, Bhopal V. THE ITO 3(1), Bhopal

ITA 226/IND/2015

• Counselvise Citation: 22622714 RSA 2015
• Duration Of Justice: 7 month(s) 25 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 01-12-2015
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2009-2010
• Appeal Filed On: 06-04-2015
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: R A VERMA
• Keywords: Unexplained investment; Revised return
• Section: 69; 133A

Judgement Text

M/S CREATIVE INTERIOR DCOR ITA NO. 226/IND/2015 1 IN THE INCOME TAX APPELLATE TRIBUNAL SMC BENCH, INDORE BEFORE SHRI B.C. MEENA, HONBLE ACCOUNTANT MEMBER ITA NO. 226/IND/2015 A.Y.2009-10 M/S CREATIVE INTERIOR DCOR BHOPAL ::: APPELLANT VS INCOME TAX OFFICER 3(1) BHOPAL ::: RESPONDENT APPELLANT BY NONE RESPONDENT BY SHRI R.A. VERMA DATE OF HEARING 17.11.2015 DATE OF PRONOUNCEMENT 1.12.2015 O R D E R PER SHRI B.C. MEENA, AM THIS APPEAL FILED BY THE ASSESSEE EMANATES FROM THE ORDER OF THE LEARNED CIT(A)-2, BHOPAL DATED 8.1.20 15. THE SUM AND SUBSTANCE OF THE GROUNDS OF APPEAL IS THAT THE LEARNED CIT(A) WAS NOT JUSTIFIED IN CONFIRMING TH E M/S CREATIVE INTERIOR DCOR ITA NO. 226/IND/2015 2 ADDITION OF RS. 1,39,343/- MADE BY THE ASSESSING OFFI CER U/S 69 OF THE ACT ON ACCOUNT OF UNEXPLAINED INVESTME NT IN STOCK. 2. THE ASSESSEE IS A FIRM CONSISTING OF THREE PARTNERS AND ENGAGED IN THE BUSINESS OF SALE AND MANUFACTURE OF FURNITURE ALONG WITH JOB WORK. A SURVEY U/S 133A WAS CARRIED OUT AT THE BUSINESS PREMISES OF THE ASSESSEE AN D DURING THE COURSE OF SURVEY ONE OF THE PARTNERS DISC LSOED INCOME AT RS. 50 LACS COMPRISING RS. 2 LACS FOR UNEXP LAINED STOCK, RS. 10 LACS FOR UNEXPLAINED INVESTMENT IN RESI DENTIAL HOUSE AT KOHE FIZA AND RS. 38 LACS AS UNEXPLAINED INVESTMENT IN HIGH TECH CONSTRUCTION. 3. NONE ATTENDED ON BEHALF OF THE ASSESSEE. ONLY WRIT TEN SUBMISSIONS WERE FILED WHICH I HAVE CONSIDERED. 4. DURING THE SURVEY OPERATION, THE PARTNER OF THE ASSESSEE VOLUNTARILY DISCLOSED RS.2 LACS AS UNEXPLAINED M/S CREATIVE INTERIOR DCOR ITA NO. 226/IND/2015 3 INVESTMENT IN STOCK. IT WAS ADMITTED THAT THIS UNEXPLAI NED INVESTMENT SHALL BE DISCLOSED IN THE REGULAR RETURN O F INCOME. THE LEARNED CIT(A) CONSIDERED THE MATERIAL AVAILABLE ON RECORD AND SUSTAINED THE ADDITION BY HOLDI NG AS UNDER :- THUS, WHERE THE APPELLANT HAS NOT BEEN ABLE TO SATISFACTORILY EXPLAIN THE SOURCE OF INVESTMENT IN ITS STOCK OF RS.2,00,000/- AND HAS VOLUNTARILY DISCLOSE D IT AS ITS ADDITIONAL INCOME DURING THE COURSE OF SURVE Y OPERATIONS, THERE ARISES NO QUESTION OF TREATING TH E SAME, WHICH IS DEEMED TO BE THE INCOME OF THE APPELLANT FIRM, AS DEDUCTIBLE ITEM IN ITS TRADING A ND P&L A/C. AFTER PERUSAL OF ENTIRE MATERIAL ON RECORD, A.I. IS FOUND JUSTIFIED IN MAKING THE IMPUGNED ADDITION. ACCORDINGLY, ADDITION OF RS.1,39,343/- MADE TO APPELLANTS REVISED RETURN INCOME OF RS.35,457/- IS HEREBY CONFIRMED. M/S CREATIVE INTERIOR DCOR ITA NO. 226/IND/2015 4 5. AFTER CONSIDERING THE WRITTEN REPLY OF THE ASSESS EE AND HEARING THE LEARNED DR, I FIND THAT THERE IS NO EVIDEN CE WHICH CAN BE TAKEN TO CONTROVERT THE FINDINGS OF THE LEARNED CIT(A). THEREFORE, I FIND NO MERIT IN THIS AP PEAL OF THE ASSESSEE. 6. IN THE RESULT, THE APPEAL OF THE ASSESSEE STANDS DISMISSED. PRONOUNCED IN OPEN COURT ON IST DECEMBER, 2015 SD/- (B.C. MEENA) ACCOUNTANT MEMBER IST DECEMBER, 2015 DN/-