Sri V Kesava Rao., Ichapuram V. The DCIT, Central Circle-1., Visakhapatnam

ITA 238/VIZ/2006

• Counselvise Citation: [2010] 135 COUNSELVISE.COM (IT) 2850 (ITAT-VISAKHAPATNAM)
• Duration Of Justice: 4 year(s) 3 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-09-2010
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: Not Allotted
• Assessment Year: 2002-2003
• Appeal Filed On: 24-05-2006
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: SUBRATA SARKAR
• Keywords: Opportunity of being heard; Additional evidence

Judgement Text

ITA NO 238 OF 2006 V KESAVA RAO ICHAPURAM PAGE 1 OF 3 IN THE INCOME TAX APPELLATE TRIBUNAL VISAKHAPATNAM BENCH, VISAKHAPATNAM BEFORE: SHRI SUNIL KUMAR YADAV, JUDICIAL MEMBER AND SHRI BR BASKARAN, ACCOUNTANT MEMBER ITA NO.238/VIZAG/2006 ASSESSMENT YEAR: 2002 - 03 V. KESAVA RAO, ICHAPURAM VS. DY.COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1 VISAKHAPATNAM (APPELLANT) PAN NO: AAQPV 7455A (RESPONDENT) APPELLANT BY: SHRI Y.A. RAO, CA RESPONDENT BY: SHRI SUBRATA SARKAR, CIT(DR) ORDER PER SHRI B. R. BASKARAN, ACCOUNTANT MEMBER: THE APPEAL OF THE ASSESSEE IS DIRECTED AGAINST THE ORDER DATED 24-3- 2006 PASSED BY LD. CIT(A)-I VISAKHAPATNAM AND IT RE LATES TO THE ASSESSMENT YEAR 2002-03. 2. ALL THE GROUNDS RAISED BY THE ASSESSEE RELATE TO A SINGLE ISSUE, VIZ., THE DETERMINATION OF THE AMOUNT OF INTEREST INCOME FROM BANK DEPOSITS. 3. THE FACTS RELATING TO THE ISSUE ARE STATED IN BR IEF. THE ASSESSEE ALONG WITH HIS FATHER HAD MADE SUBSTANTIAL FIXED DEPOSITS WITH ANDHRA BANK, ICHAPURAM BRANCH. THE ASSESSEE HAD CLOSED THE SAID FIXED DEPOSITS PREMATURELY AND IN VIEW OF THAT THE BANK HAD ADJUST ED EXCESS INTEREST PAID TO THE ASSESSEE. SINCE THE ASSESSEE COULD NOT GET PROPER DETAILS FROM THE BANK, THE ASSESSEE ADMITTED A NET INTEREST INCOME O F RS. 1,04,141/- AS INTEREST RECEIVED FROM THE BANK IN HIS RETURN OF IN COME. HE ALSO APPENDED A NOTE STATING THAT THE CORRECT PARTICULARS OF INTE REST WILL BE SUBMITTED LATER. THE ASSESSING OFFICER NOTICED THAT THE ASSESSEE HAD REDUCED A SUM OF RS.83,055/- FROM THE INTEREST INCOME TOWARDS THE RE DUCTION OF INTEREST ON ACCOUNT OF PREMATURE WITHDRAWAL OF FIXED DEPOSITS. BEFORE THE ASSESSING ITA NO 238 OF 2006 V KESAVA RAO ICHAPURAM PAGE 2 OF 3 OFFICER AS WELL AS LEARNED CIT(A), THE ASSESSEE COU LD NOT FILE ANY EVIDENCE IN SUPPORT OF THE ABOVE SAID CLAIM. SINCE THE ASSE SSEE COULD NOT FURNISH ANY PROOF WITH REGARD TO THE SAID CLAIM, THE ASSESS ING OFFICER DISALLOWED THE SAME. THE LEARNED CIT (A) ALSO CONFIRMED THE SAID A DDITION. 4. BEFORE US, THE ASSESSEE HAS MOVED AN APPLICATION FOR ADMISSION OF ADDITIONAL EVIDENCES AS PER RULE 29/30 OF THE INCOM E TAX APPELLATE TRIBUNAL RULES. THE SAID ADDITIONAL EVIDENCE CONSIS TS OF A LETTER DATED 11- 03-2010 BEARING LR. NO.230/10/285 ISSUED BY THE MAN AGER OF ANDHRA BANK, ICHAPURAM BRANCH TO THE ASSESSEE ENCLOSING THE DETAI LED WORKINGS RELATED TO THE FIXED DEPOSITS, VIA., FIXED DEPOSIT NUMBERS, AMOUNT, INTEREST ACCRUED THEREON, EXCESS INTEREST RECOVERED BY BANK ETC., TH E LEARNED AUTHORISED REPRESENTATIVE PLEADED FOR ADMISSION OF THE SAID AD DITIONAL EVIDENCES AND REQUESTED THAT THE ISSUE MAY BE SET ASIDE TO THE FI LE OF THE ASSESSING OFFICER FOR FRESH CONSIDERATION BY TAKING INTO ACCOUNT THE ADDITIONAL EVIDENCES FILED BEFORE THE TRIBUNAL. THE LEARNED DEPARTMENTAL REPRE SENTATIVE DID NOT OBJECT TO THE SAID PLEA OF THE LEARNED AUTHORISED R EPRESENTATIVE. ACCORDINGLY, WE SET ASIDE THE MATTER TO THE FILE OF THE ASSESSING OFFICER WITH A DIRECTION TO DISPOSE OF THE ISSUE AFRESH IN ACCOR DANCE WITH THE LAW BY DULY TAKING INTO ACCOUNT THE CERTIFICATE OBTAINED FROM T HE ANDHRA BANK WHICH IS REFERRED SUPRA. NEEDLESS TO MENTION, THE ASSESSEE S HOULD BE GIVEN PROPER OPPORTUNITY OF BEING HEARD. 5. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS TREA TED AS ALLOWED FOR STATISTICAL PURPOSES. PRONOUNCED IN THE OPEN COURT ON 9 TH SEPTEMBER, 2010. SD/- SD/- (SUNIL KUMAR YADAV) (B R BASKARAN ) JUDICIAL MEMBER ACCOUNTANT MEMBER PVV/SPS VISAKHAPATNAM, DATE:09-09-2010 ITA NO 238 OF 2006 V KESAVA RAO ICHAPURAM PAGE 3 OF 3 COPY TO 1 V. KESAVA RAO, ICHAPURAM C/O ROWE & PAL, C.A. 14-3 6-1, KRISHNA NAGAR, VISAKHAPATNAM 02 2 THE DY.COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 1 VISAKHAPATNAM 3 4. 5 THE CIT VISAKHAPATNAM THE CIT(A)-I VISAKHAPATNAM , THE COMMISSIONER OF INCOME TAX(CENTRAL) 3 RD FLOOR, NSF BUILDING, SHAKKAR BHAVAN,OPP: LB STADIUM, BASHEERBAGH, HYDER ABAD 500004 6 THE DR, ITAT, VISAKHAPATNAM. 7 GUARD FILE. BY ORDER SENIOR PRIVATE SECRETARY INCOME TAX APPELLATE TRIBUNAL VISAKHAPATNAM