Sri K Bala Venkata Anjaneyulu, Tenali V. The ITO Ward-1 Tenali, Tenali

ITA 285/VIZ/2011

• Counselvise Citation: 28525314 RSA 2011
• Duration Of Justice: 2 year(s) 10 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-07-2014
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: DB
• Next Hearing Date: 09-07-2014
• Assessment Year: 2005-2006
• Appeal Filed On: 22-09-2011
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: D MANOJ KUMAR

Judgement Text

ITA NO.285/VIZAG/2011 KURNELLA BALA VENKATA ANJANEYULU, TENALI IN THE INCOME TAX APPELLATE TRIBUNAL VISAKHAPATNAM BENCH, VISAKHAPATNAM BEFORE: SHRI J. SUDHAKAR REDDY, ACCOUNTANT MEMBER AND SHRI SAKTIJIT DEY, JUDICIAL MEMBER ITA NO. 285 /VIZAG/ 2011 ASSESSMENT YEAR : 2005-06 K. BALA VENKATA ANJANEYULU TENALI VS. ITO WARD-1 TENALI (APPELLANT) (RESPONDENT) PAN NO.AWCPK 4329A ASSESSEE BY: SHRI G.V.N. HARI, ADVOCATE REVENUE BY: SHRI D. MANOJ KUMAR, ADDL. CIT DATE OF HEARING : 11.07.2014 DATE OF PRONOUNCEMENT : 30.07.2014 ORDER PER BENCH:- THIS IS AN APPEAL FILED BY THE ASSESSEE AGAINST TH E ORDER OF CIT GUNTUR DATED 2.12.2010. THE LD. CIT(A) IN THIS CASE HAS S USTAINED ADDITION OF CASH CREDIT ON PEAK BASIS. THE ASSESSEES GRIEVANCE IS THAT WHILE COMPUTING THE PEAK, CERTAIN DISCREPANCIES HAVE TAKEN PLACE AND TH E SAME SHOULD BE RECTIFIED. 2. WE HAVE HEARD THE RIVAL SUBMISSIONS. AFTER CONS IDERING THE RIVAL SUBMISSIONS, WE HOLD AS FOLLOWS. 3. WHILE COMPUTING THE PEAK ADDITION, WE DIRECT THE ASSESSING OFFICER TO CONSIDER NET OF DEPOSITS ON 3.3.2005 AND WITHDRAWAL S ON 3.3.2005 AS THE PEAK. THE ASSESSEE ACCORDINGLY GETS RELIEF. THE S ECOND ISSUE IS DETERMINATION OF OPENING BALANCE. THE CIT(A) COMPU TED THE OPENING BALANCE BY ESTIMATING THE INCOME AT 12%. THE ASSES SEES CONTENTION IS THAT IT SHOULD BE ESTIMATED @ 24%. ITA NO.285/VIZAG/2011 KURNELLA BALA VENKATA ANJANEYULU, TENALI 2 4. IN VIEW OF THE FACTS AND CIRCUMSTANCES OF THE CAS E, WE DIRECT THE ASSESSING OFFICER TO ESTIMATE THE OPENING BALANCE B Y TAKING 18% AS THE RATE OF INTEREST FOR THE PURPOSE OF ACCRUAL. THE ASSESS EE GETS PART RELIEF. 5. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALLOWED IN PART . PRONOUNCED IN THE OPEN COURT ON 30 TH JULY14 SD/- SD/- (SAKTIJIT DEY) (J. SUDHAKAR REDDY) JUDICIAL MEMBER ACCOUNTANT MEMBER VG/SPS VISAKHAPATNAM, DATED 30 TH JULY, 2014 COPY TO 1 K. BALA VENKATA ANJANEYULU, 16-26-42, MAJETI N RA O STREET, GANDHI CHOWK, TENALI, GUNTUR DIST. 2 ITO WARD - 1, TENALI 3 THE CIT, GUNTUR 4 THE CIT(A), GUNTUR 5 THE DR, ITAT, VISAKHAPATNAM. 6 GUARD FILE. BY ORDER SENIOR PRIVATE SECRETARY INCOME TAX APPELLATE TRIBUNAL VISAKHAPATNAM