KADAMBALA MADANJEE RAO, TELANGANA V. ACIT,CIRCLE-1, DHANBAD

ITA 248/RAN/2019

• Counselvise Citation: [2020] 111 COUNSELVISE.COM (IT) 0260 (ITAT-RANCHI)
• Duration Of Justice: 6 month(s) 16 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 06-03-2020
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: SMC
• Assessment Year: 2015-2016
• Appeal Filed On: 20-08-2019
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Keywords: Unexplained cash credit
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL RANCHI BENCH SMC RANCHI BEFORE SHRI S.S, GODARA, JUDICIAL MEMBER ITA NO.248/RAN/2019 ASSESSMENT YEAR:2015-16 KADAMBALA MADANJEE RAO, FLAT NO. 401, UNITED AVENUE APARTMENT, ( SOUTH END ), LEELANAGAR, BEGUMPET, NR. BEGUMPET RAILWAY STATION, TELANGANA, PIN-500 016 [ PAN NO.AMLPR 1471 K ] / V/S . ACIT, CIR-1(1), DHANBAD /APPELLANT .. /RESPONDENT /BY APPELLANT SHRI A.K. SHAKHAR, ADVOCATE /BY RESPONDENT SHRI AJAY KUMAR, ADDL. CIT-DR /DATE OF HEARING 06-03-2020 /DATE OF PRONOUNCEMENT 06-03-2020 /O R D E R (ORAL) THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2015-16 , ARISES AGAINST THE COMMISSIONER OF INCOME-TAX (APPEALS)-DHANBADS ORDE R DATED 20.06.2019 PASSED IN CASE NO. CIT(A), DHANBAD/10118/2017-18, INVOLVING P ROCEEDINGS U/S. 143(3) OF THE INCOME TAX ACT, 1961; IN SHORT THE ACT. HEAD BOTH THE PARTIES. CASE FILE PERUSED. 2. LEARNED COUNSELS ONLY PLEA DURING THE COURSE O F HEARING IS THAT BOTH THE LOWER AUTHORITIES HAVE ERRED IN LAW AND ON FACTS IN TREAT ING THE AMOUNT IN QUESTION OF 10,15,000/- AS UNEXPLAINED CASH CREDITS DESPITE THE FACT THAT ASSESSEE HAD SUFFICIENTLY PROVED TO HAVE SOLD TO MOTOR CARS FOR 5.09 LAKHS AND 16,000/- AS WELL AS A GOLD BAR ITA NO.248/RAN/2019 A.Y. 2015-16 KADAMBALA MADANJEE RAO VS. ACIT, CIR-1(2), DHANBAD PAGE 2 PURCHASED FROM HDFC BANK SOLD FOR 2.83 LAKHS. THE REVENUES CASE ON THE OTHER HAND IS THAT THE LOWER AUTHORITIES HAVE RIGHTLY MAD E THE IMPUGNED ADDITION GOING BY ALL THE MATERIAL ON RECORD INDICATING THE ASSESSEE TO HAVE PAID THE MOTOR CAR LOANS TO THE BANK NOT TAKEN INTO CONSIDERATION WHILST EXPLAI NING SOURCE OF CASH CREDITS AMOUNT. 3. I HAVE GIVEN MY THOUGHTFUL CONTENTION TO RIVAL C ONTENTIONS. IT IS CLEAR FROM BOTH THE PARTIES FOREGOING STAND THAT NEITHER THE ASSESS EE HAS BEEN ABLE TO SATISFACTORILY PROVED SOURCE OF THE IMPUGNED CASH CREDITS OF 10.15 LAKH EXCEPT FILING THE RELEVANT DOCUMENTARY EVIDENCE ON RECORD NOR THE DEPARTMENT H AS GIVEN CREDIT OF THE FOREGOING SUMS FOR THE PURPOSE THE FORMERS EXPLANATION. I TH EREFORE DEEM IT APPROPRIATE IN THESE PECULIAR FACTS THAT A LUMP SUM ADDITION OF 3 LAKH OUT OF 10.15 LAKHS WOULD MEET THE ENDS OF JUSTICE. THE ASSESSEE GETS RELIEF OF 7,15,300/-. NECESSARY COMPUTATION INCLUDING THAT OF INTEREST SHALL FOLLOW AS PER LAW. 4. THIS ASSESSEES APPEAL IS PARTLY ALLOWED. ORDER PRONOUNCED IN OPEN COURT AT THE CLOSE OF HEAR ING ON FRIDAY , 6 TH MARCH, 2020 SD/- ( #) (S.S. GODARA) JUDICIAL MEM BER *DKP/SR.PS % - 06/03/2020 / COPY OF ORDER FORWARDED TO:- 1. / APPELLANT 2. / RESPONDENT 3. ) , / CONCERNED CIT 4. , - / CIT (A) 5. - ) , ) / DR, ITAT, RANCHI 6. 1 / GUARD FILE. BY ORDER/ , SR. PRIVATE SECRETARY/P.S (ON TOUR) ),