S.Saravana Arul, CHENNAI V. ACIT,

ITA 2329/CHNY/2015

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 7576 (ITAT-CHENNAI)
• Duration Of Justice: 2 month(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 24-03-2016
• Appeal Filed By: Assessee
• Bench Allotted: B
• Assessment Year: 2012-2013
• Appeal Filed On: 28-12-2015
• Court: TRIBUNAL
• Department Lawyers: A B KOLI JCIT
• Assessee Lawyers: V THARISHC A

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, CHENNAI , ! . ' #$ BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI G.PAVAN KUMAR, JUDICIAL MEMBER ./ I.T.A.NO.2329 /MDS./2015 ( / ASSESSMENT YEAR :2012-13) MR.S.SARAVANA ARUL , NO.14,RANGANATHAN STREET, T.NAGAR, CHENNAI 600 017. VS. THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE IV(2), CHENNAI 600 034. PAN AOFPS 1937 M ( %& / APPELLANT ) ( '(%& / RESPONDENT ) / APPELLANT BY : MR.V.THARISH,C.A / RESPONDENT BY : MR.A.B.KOLI,JCIT, D.R ! / DATE OF HEARING : 10.03.2016 '# ! /DATE OF PRONOUNCEMENT : 24.03.2016 ) / O R D E R PER CHANDRA POOJARI, ACCOUNTANT MEMBER: THIS APPEAL IS FILED BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER OF THE LEARNED COMMISSIONER OF INCOME TAX(A)- 18, CHENNAI DATED 23.09.2015 PERTAINING TO THE ASSESSMENT YEAR 2012-13. ITA NO2329./MDS/2015 2 2. THE GRIEVANCE OF THE ASSESSEE IS WITH REGARD T O NON- CONSIDERING DUE CREDIT OF THE OPENING BALANCE OF ` 16,75,032/- AND THE AMOUNT OF ` 5 LAKHS WITHDRAWN FROM PARTNERSHIP FIRM, M/S.SARAVA NA SELVARATHNAM SO AS TO IGNORE THE EXPLANATION OF TH E ASSESSEE THAT CREDIT FOUND IN THE BOOKS OF ACCOUNT OF THE ASSESSE E. 3. THE ASSESSEE MADE A PLEA BEFORE US THAT THE LD. ASSESSING OFFICER MADE AN ADDITION OF ` 26,72,000/- WITHOUT CONSIDERING THE AVAILABILITY OF OPENING CASH IN THE HANDS OF ASSESS EE AT ` 16,75,032/- AND WITHDRAWAL FROM PARTNERSHIP FIRM AT ` 5 LAKHS AND THE LD.CIT(A) GIVEN A CREDIT TO THE TUNE OF ` 4,80,000/- IN RESPECT OF CASH DEPOSITS MADE AFTER THE DATE OF SEARCH. HOWEVER, HE HAS NOT GIVEN CREDIT FOR EARLIER TWO ITEMS. THE DEPARTMENTAL REPRESENTATIVE RELIED ON THE ORDER OF THE CIT(A). 4. WE HAVE HEARD BOTH THE PARTIES AND PERUSED THE MATERIAL ON RECORD. IF THERE IS AN OPENING CASH AVAILABILITY T O THE ASSESSEE AT ` 16,75,032/- AND ALSO IF THERE IS WITHDRAWAL OF ` 5 LAKHS FROM THE PARTNERSHIP FIRM, THE DUE CREDIT TO BE GIVEN TOWARD S THIS. IN OUR OPINION, IT IS APPROPRIATE TO REMIT THE ISSUE TO TH E FILE OF LD. ASSESSING ITA NO2329./MDS/2015 3 OFFICER TO EXAMINE THE RECORDS WITH THE AO AND IF I T IS ALREADY ON RECORD, THE CREDIT TO BE GIVEN FOR SAME AMOUNT. WI TH THIS OBSERVATION, WE REMIT THE ISSUE TO THE FILE OF THE AO FOR FRESH CONSIDERATION. THE AO SHALL PASS FRESH ASSESSMENT ORDER AFTER GIVING A DEQUATE OPPORTUNITY OF HEARING TO THE ASSESSEE. 5. IN THE RESULT, THE APPEAL OF ASSESSEE IS PARTLY ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED ON THURSDAY , THE 24 TH OF MARCH,2016 AT CHENNAI. SD/- SD/- ( . ) (G.PAVAN KUMAR) ( ( $% & ) ) ' CHANDRA POOJARI () JUDICIAL MEMBER ACCOUNTANT MEMBER CHENNAI, DATED THE 24 TH MARCH,2016. K S SUNDARAM. *+)),-).- /COPY TO: ) 1. /APPELLANT 2. /RESPONDENT 3. ) /)'( /CIT(A) 4. ) / /CIT 5. -01 )2 /DR 6. 13)4 /GF