SHRI VINAY GOYAL, JAIPUR V. ASSISTANT COMMISSIONER OF INCOME TAX, JAIPUR

ITA 228/JPR/2018

• Counselvise Citation: [2018] 125 COUNSELVISE.COM (IT) 4582 (ITAT-JAIPUR)
• Duration Of Justice: 5 month(s) 22 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 07-08-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2010-2011
• Appeal Filed On: 15-02-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 68

Judgement Text

VK;DJ VIHYH; VF/KDJ.K] T;IQJ U;K;IHB] T;IQJ IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHE S, JAIPUR JH FOT; IKWY JKO] U;KF;D LNL; ,OA JH FOE FLAG ;KNO] YS[KK LNL; DS LE{K BEFORE: SHRI VIJAY PAL RAO, JM & SHRI VIKRAM SINGH YADAV, AM VK;DJ VIHY LA-@ ITA NO. 228/JP/2018 FU/KZKJ.K O'K Z@ ASSESSMENT YEAR : 2010-11 SHRI VINAY GOYAL B-22, GOYAL HOSPITAL MANDIR MARG, SUBHASH NAGAR, JAIPUR-16 CUKE VS. ACIT, CIRCLE-7, JAIPUR LFKK;H YS[KK LA-@THVKBZVKJ LA-@ PAN/GIR NO.: AASPG2161L VIHYKFKHZ@ APPELLANT IZR;FKHZ@ RESPONDENT FU/KZKFJRH DH VKSJ L S@ ASSESSEE BY : SHRI VISHAL GUPTA (CA) JKTLO DH VKSJ LS @ REVENUE BY : SMT RAJENDRA JHA LQUOKBZ DH RKJH[ K@ DATE OF HEARING : 06/08/2018 MN?KKS'K.KK DH RKJH[ K@ DATE OF PRONOUNCEMENT: 07/08/2018 VKNS'K@ ORDER PER: VIKRAM SINGH YADAV, A.M. THIS IS AN APPEAL FILED BY THE ASSESSEE AGAINST THE ORDER OF LD. CIT(A)-3, JAIPUR DATED 08.12.2017 FOR ASSESSMENT YEAR 2010-11 WHEREIN THE ASSESSEE HAS CHALLENGED THE ADDITION OF RS. 1,30,000/- U/S 6 8 OF THE ACT. 2. BRIEFLY STATED, THE FACTS OF THE CASE ARE THAT T HE DURING THE FY RELEVANT TO IMPUNGED ASSESSMENT YEAR, THE ASSESSEE HAS RECEI VED A LOAN OF RS. 6,30,000/- FROM HIS MOTHER SMT. ASHA GOYAL. THE ASS ESSEE WAS ASKED TO FURNISH THE CONFIRMATION, ITR COPY, STATEMENT OF AF FAIRS AND HER CREDITWORTHINESS TO ADVANCE SUCH A LOAN TO THE ASSE SSEE. IN RESPONSE, THE ASSESSEE SUBMITTED THE CONFIRMATION OF SMT. ASHA GO YAL, HER BANK STATEMENT COPY OF HER ITR AND BALANCE SHEET OF LAST TWO YEARS , AND ALSO AN AFFIDAVIT IN SUPPORT OF EXPLAINING THE SOURCES FUNDS WHICH HAVE BEEN ADVANCED TO THE ITA NO. 228/JP/2018 SHRI VINAY GOYAL, JAIPUR VS ACIT, JAIPUR 2 ASSESSEE. THE ASSESSING OFFICER OBSERVED THAT THERE ARE TWO CASH DEPOSITS TOTALLING TO RS. 1,30,000/- IN THE BANK ACCOUNT OF SMT. ASHA GOYAL JUST PRIOR TO THE DISBURSEMENT OF LOAN TO THE ASSESSEE. FURTHER, THE AO OBSERVED THAT SMT. ASHA GOYAL IS A SENIOR CITIZEN, DOESNT HAVE A REGU LAR CASH SOURCE AND THERE IS A PREPONDERANCE OF PROBABILITY THAT THIS MONEY IS A SSESSES OWN MONEY WHICH IS ROUTED THROUGH HER MOTHERS BANK ACCOUNT AS AN U NSECURED LOAN. THEREFORE, HE ADDED THE SUM OF RS. 1,30,000/- TO THE INCOME OF THE ASSESSEE. 3. BEING AGGRIEVED, THE ASSESSEE CARRIED THE MATTER IN APPEAL BEFORE THE LD. CIT(A) AND REITERATED THE SUBMISSIONS MADE BEFO RE THE ASSESSING OFFICER. THE LD. CIT(A) OBSERVED THAT THE ASSESSEE HAS FAILE D TO PROVE THE CREDIT- WORTHINESS OF THE CASH CREDITOR AND THE MONEY WAS D EPOSITED JUST BEFORE THE DATE ON WHICH LOAN WAS GIVEN TO THE ASSESSEE. ACCOR DINGLY, HE CONFIRMED THE ADDITION SO MADE BY THE AO. 4. BEING AGGRIEVED, THE ASSESSEE IS IN APPEAL BEFO RE US. REGARDING THE CREDITWORTHINESS OF SMT. ASHA GOYAL, THE LD AR SUBM ITTED THAT THE SAME IS DULY SUBSTANTIATED THROUGH HER RETURN OF INCOME FOR AY 2009-10 AND 2010-11, THE BALANCE-SHEET FOR THOSE TWO YEARS AS WELL AS TH E COPY OF BANK ACCOUNT AND CASH BOOK MAINTAINED BY THE ASSESSEE. 5. ON PERUSAL OF THE BALANCE-SHEET FOR THE YEAR END ED MARCH 31 2010, IT IS NOTED THAT SMT. ASHA GOYAL HAS SHOWN A SUM OF RS. 9 ,63,584/- IN HER CAPITAL ACCOUNT AND THE FREE RESERVES AMOUNTING TO RS. 154, 411/- TOTALLING TO RS. 11,17,995/- WHICH DEMONSTRATE HER CREDITWORTHINESS TO ADVANCE RS 6,30,000/- TO THE ASSESSEE. FURTHER, SHE HAS REGULAR SOURCE OF INCOME FROM RUNNING THE AMBULANCE SERVICES AND ALSO INTEREST RECEIPT ON VAR IOUS SAVINGS AND OTHER INVESTMENTS REFLECTED IN HER PROFIT/LOSS ACCOUNT. F URTHER, WE FIND THAT THE CONFIRMATION AS WELL AS THE AFFIDAVIT FROM SMT. ASH A GOYAL IS ALSO AVAILABLE ON RECORD WHICH CLEARLY DEMONSTRATES THE LOAN FUNDS AD VANCED TO THE ASSESSEE. ITA NO. 228/JP/2018 SHRI VINAY GOYAL, JAIPUR VS ACIT, JAIPUR 3 IN THE LIGHT OF THE SAME, WE ARE OF THE CONSIDERED VIEW THAT THERE IS NO BASIS FOR MAKING THE ADDITION U/S 68 OF THE ACT. IN THE R ESULT, THE ADDITION MADE BY THE AO IS HEREBY DELETED. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALLOWE D. ORDER PRONOUNCED IN THE OPEN COURT ON 07/08/2018. SD/- SD/- FOT; IKWY JKO FOE FLAG ;KNO (VIJAY PAL RAO) (VIKRAM SINGH YADAV) U;KF;D LNL;@ JUDICIAL MEMBER YS[KK LNL;@ ACCOUNTANT MEMBER JAIPUR DATED:- 07/08/2018 *GANESH KR VKNS'K DH IZFRFYFI VXZSF'KR @ COPY OF THE ORDER FORWARDED TO: 1. VIHYKFKHZ@ THE APPELLANT - SHRI VINAY GOYAL, JAIPUR 2. IZR;FKHZ@ THE RESPONDENT - ACIT, CIRCLE-7, JAIPUR 3. VK;DJ VK;QDR@ CIT 4. VK;DJ VK;QDRVIHY@ THE CIT(A) 5. FOHKKXH; IZFRFUF/K] VK;DJ VIHYH; VF/KDJ.K] T;IQJ@ DR, ITAT, JAIPUR 6. XKMZ QKBZY@ GUARD FILE (ITA NO. 228/JP/2018) VKNS'KKUQLKJ@ BY ORDER, LGK;D IATHDKJ@ ASSISTANT. REGISTRAR.