Shri Snehal Shah, Surat V. The ACIT.,Cent.Circle-4, Surat

ITA 2458/AHD/2009

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 94374 (ITAT-AHMEDABAD)
• Duration Of Justice: 6 year(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 26-08-2015
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 25-08-2015
• Assessment Year: 2001-2002
• Appeal Filed On: 20-08-2009
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: D C MISHRA
• Keywords: Income from undisclosed sources
• Section: 143(3); 153A; 132

Judgement Text

, C IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH, AHMEDABAD BEFORE SHRI RAJPAL YADAV, JUDICIAL MEMBER AND SHRI MANISH BORAD, ACCOUNTANT MEMBER ITA NO.2458 TO 2462/AHD/2009 / ASSTT. YEAR: 2001-2002 TO 2005-06 SHRI SNEHAL SHAH 18, HARIDARSHAN SOCIETY NR.KARAN PARK ADAJAN, SURAT. PAN : AEPQPS 5282 L VS ACIT, CENT.CIR.4 SURAT. / (APPELLANT) / (RESPONDENT) ASSESSEE BY : SHRI SANJAY N. KAPADIA WITH SHRI ANKUR SHAH REVENUE BY : SHRI D.C. MISHRA, SR.DR / DATE OF HEARING : 25/08/2015 / DATE OF PRONOUNCEMENT: 26/08/2015 !'/ O R D E R PER BENCH: THE PRESENT FIVE APPEALS ARE DIRECTED AT THE INSTA NCE OF THE ASSESSEE AGAINST THE ORDER OF THE LD.CIT(A)-II, AHM EDABAD DATED 17.6.2009 PASSED FOR THE ASSTT.YEARS 2001-02 TO 200 5-06. 2. BRIEF FACTS OF THE CASE ARE THAT THE ASSESSEE IS AN EMPLOYEE OF COLOURTEX GROUP. A SEARCH UNDER SECTION 132 OF THE INCOME TAX ACT WAS CARRIED OUT IN THE CASE OF COLOURTEX GROUP ON 2 6.7.2006. A NOTICE UNDER SECTION 153A OF THE INCOME TAX ACT WAS ISSUED IN THE CASE OF THE ASSESSEE ON 21.2.2007 WHICH WAS DULY SERVED UPON TH E ASSESSEE. HE HAS FIELD HIS RETURN OF INCOME ON 23.4.2007. THE L D.AO HAS PASSED ASSESSMENT ORDERS IN THESE ASSESSMENT YEARS ON 31.1 2.2008 UNDER ITA NO.2458/AHD/2009 (4 APPEALS) 2 SECTION 153A R.W. SECTION 143(3) OF THE ACT. THE L D.FIRST APPELLATE AUTHORITY HAS GIVEN THE DETAILS IN TABULAR FORM IN PARA-3 OF THE IMPUGNED ORDER. THESE DETAILS WOULD DEPICT THE ADD ITIONS MADE IN THE CASE OF THE ASSESSEE AND HIS GRIEVANCES. THEY READ AS UNDER: 3. THE ASSESSING OFFICER HAS MADE THE ADDITION FOR UNACCOUNTED INCOME AND FURTHER ADDITION FOR UNACCOUNTED INCOME FOR PURCHAS ING NSC/KVP. ASSTT. YEAR TOTAL DEPOSITS IN UNDISCLOSED BANK ACCOUNTS UNACCOUNTED CASH TOTAL UNACCOUNTED INCOME SURRENDERED ADDITIOANL INCOME ADDITION 2001-02 44,264 52,000 96,264 75,532 20,732 2002-03 4,55,831 1,34,000 5,89,831 1,57,304 4,32,527 2003-04 3,52,046 65,000 4,17,046 77,359 3,39,687 2004-05 3,92,971 4,87,000 8,79,971 5,84,476 2,95,495 2005-06 5,08,564 2,52,000 7,60,564 4,51,224 3,09,340 IN ADDITION TO ABOVE ASSESSING OFFICER HAS MADE ADD ITION FOR INVESTMENT IN PURCHASE OF NSC/KVPAS UNDER: ASSTT. YEAR TOTAL UNACCOUNTED INCOME UNACCOUNTED NSC UNACCOUNTED KVP TOTAL ADDITION 2001-02 20,732 0 0 20,732 2002-03 4,32,527 10,000 30,000 4,72,527 2003-04 3,39,687 80,000 50,000 4,69,687 2004-05 2,95,495 5,000 65,000 3,65,495 2005-06 3,09,340 0 0 3,09,340 3. THE LD.AO HAS DETERMINED THE TAXABLE INCOME OF T HE ASSESSEE AS PER THE FIGURES DISCERNIBLE ON THE LAST COLUMN OF T HE SECOND TABLE. 4. ON APPEAL, THE LD.FIRST APPELLATE AUTHORITY HAS PARTLY DELETED THE ADDITIONS ON THE GROUND THAT THE ASSESSEE HAS PRODU CED CASH FLOW STATEMENT IN WHICH THE LEFT SIDE OF THE COLUMN REFL ECTED UNACCOUNTED CASH AND RIGHT SIDE OF THE COLUMN INVESTMENT IN NSC /KVP WERE CONSIDERED. ACCORDING TO THE LD.CIT(A) ONCE UNACCO UNTED CASH WAS CALCULATED, THEN, THAT CAN BE COUNTED TOWARDS THE A LLEGED INVESTMENT IN NSC/KVP. THUS, THE LD.CITA) HAS CONFIRMED THE DETE RMINATION OF INCOME OF THE ASSESSEE, AS PER THE LAST COLUMN OF T HE FIRST TABLE VIZ. ITA NO.2458/AHD/2009 (4 APPEALS) 3 RS.20,732/- FOR THE ASSTT.YEAR, 2001-02, RS.4,32,52 7/- FOR THE ASSTT.YEAR 2002-03, RS.3,39,687/- FOR THE ASSTT.YEA R 2003-04, RS.2,95,495/- FOR THE ASSTT.YEAR 2004-05 AND RS.3,0 9,340/- FOR THE ASSTT.YEAR 2005-06. 5. BEFORE US, THE ASSESSEE HAD CHALLENGED THE ABOVE ADDITIONS, BUT THE LEARNED COUNSEL FOR THE ASSESSEE WAS UNABLE TO BRING ANY MATERIAL TO OUR NOTICE, WHICH CAN EXPLAIN THE INVESTMENT OR THE CASH AVAILABLE WITH THE ASSESSEE. THE LD.FIRST APPELLATE AUTHORIT Y HAS CONFIRMED THE ADDITIONS, AFTER VISUALIZING THE EVIDENCE AVAILABLE ON RECORD. ACCORDINGLY, WE ALSO DO NOT FIND ANY MERIT IN THESE APPEALS. THE ORDER OF THE CIT(A) IS CONFIRMED. 6. IN THE RESULT, ALL FOUR APPEALS OF THE ASSESSEE ARE DISMISSED. ORDER PRONOUNCED IN THE COURT ON 26 TH AUGUST, 2015 AT AHMEDABAD. SD/- SD/- (MANISH BORAD) ACCOUNTANT MEMBER (RAJPAL YADAV) JUDICIAL MEMBER AHMEDABAD; DATED 26/08/2015