Smt. Neena Biswas, Kolkata V. ITO, Ward - 28(4), Kolkata, Kolkata

ITA 293/KOL/2012

• Counselvise Citation: [2014] 140 COUNSELVISE.COM (IT) 75116 (ITAT-KOLKATA)
• Duration Of Justice: 2 year(s) 1 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-03-2014
• Appeal Filed By: Assessee
• Bench Allotted: B
• Assessment Year: 2006-2007
• Appeal Filed On: 22-02-2012
• Court: TRIBUNAL
• Department Lawyers: SADHAN BHATTACHARYA ACIT
• Assessee Lawyers: MAHAVIR PRASAD AGARWAL
• Keywords: Unexplained investment
• Section: 143(3); 69

Judgement Text

, B , , IN THE INCOME TAX APPELLATE TRIBUNAL, BENCH B , KOLKATA [ () , , , , , ! ! ! ! ] ]] ] [BEFORE SHRI MAHAVIR SINGH, JM & SHRI SHAMIM YAHY A, AM] # # # # /ITA NO.293/KOL/2012 $% &'/ ASSESSMENT YEAR : 2006-07 ()* / APPELLANT ) - $ - ( ,-)* /RESPONDENT) SMT. NEENA BISWAS . -VERSUS- I.T.O., WARD-28 (4) , KOLKATA KOLKATA (PAN:ACXPB 7747 E) )* . / / FOR THE APPELLANT: SHRI MAHAVIR PRASAD AGARWAL ,-)* . / / FOR THE RESPONDENT: SHRI SADHAN BHATTACHARYA, ACIT, SR.DR 0$1 . 2! /DATE OF HEARING : 31.03.2014. 3& . 2! /DATE OF PRONOUNCEMENT : 31.03.2014. / ORDER ( (( ( ) )) ), , , , PER SHRI MAHAVIR SINGH, JM THIS APPEAL OF ASSESSEE IS ARISING OUT OF ORDER OF CIT(A)-XIV, KOLKATA IN APPEAL NO.3635/CIT(A)-XIV/08-09 DATED 31.10.2011. ASSESSME NT WAS FRAMED BY I.T.O., WARD-28 (4), KOLKATA U/S 143(3) OF THE INCOME TAX A CT, 1961 (HEREINAFTER REFERRED TO AS THE ACT) FOR A.YR. 2006-07 VIDE ITS ORDER DATE D 13.12.2008. 2. THE TWO COMMON ISSUES IN THIS APPEAL OF ASSESSE E ARE AGAINST THE ORDER OF CIT(A) IN CONFIRMING THE ADDITION MADE BY AO OF RS. 2,00,000/- AND RS.5,00,000/- AS UNEXPLAINED INVESTMENT IN MUTUAL FUNDS OF FRANKLIN TEMPLETON MUTUAL FUND AND HDFC PRUDENCE MUTUAL FUND U/S 69 OF THE ACT.. FOR T HIS, ASSESSEE HAS RAISED FOLLOWING GROUNDS NOS.2 AND 3 :- 2 FOR THAT THE LEARNED COMMISSIONER OF INCOME TAX (APPELAS) HAS ERRED IN CONFIRMING THE ADDITION OF RDS.2 LAKHS MADE BY T HE ASSESSING OFFICER ITA NO.293/KOL/2012 SMT.NEENA BISWAS A.YR.2006-07 2 UNDER SECTION 69 OF THE INCOME-TAX ACT, 1961, AS UN EXPLAINED INVESTMENT IN FRANKLIN TEMPLETON MUTUAL FUND, AS THE AMOUNT WAS P AID BY CHEQUE FROM THE JOINT ACCOUNT THROUGH HSBC BANK ACCOUNT NUMBER 028021558-006. 3 FOR THAT THE LEARNED COMMISSIONER OF INCOME-TAX (AP PEALS) HAS ERRED IN CONFIRMING THE ADDITION OF RS.5 LAKHS AS AN UNEX PLAINED INVESTMENT WITH HDFC PRUDENCE MUTUAL FUND UNDER SECTION 69 OF THE ACT AS THE AMOUNT WAS PAID THROUGH THE BANK ACCOUNT OF HER SON SUBHOJ IT BISWAS HAVING BANK ACCOUNT NUMBER 045010100144827 IN AXIS BANK, WHICH IS UNJUSTIFIED AND SHOULD BE DELETED. 3. AT THE OUTSET, THE LD. COUNSEL FOR THE ASSESSEE DREW OUR ATTENTION TO PAGE-2 OF THE ASSESSMENT ORDER WHEREBY ADDITION OF RS.5,00,00 0/- REGARDING INVESTMENT IN HDFC MUTUAL FUND AND ADDITION OF RS.2,00,000/- REGA RDING INVESTMENT IN FRANKLIN TEMPLETON MUTUAL FUND MADE BY THE AO. THE LD. COUNS EL FOR THE ASSESSEE HAD PRODUCED COMPLETE BANK STATEMENT TO PROVE THE SOURC E OF THE INVESTMENT BEING OUT OF ADVANCE OF RS.8,00,000/- RECEIVED FROM ONE SHRI BIP LAB GHOSH AGAINST ASSESSEES HUSBANDS ANCESTRAL PROPERTY. THE LD. COUNSEL FOR A SSESSEE FURTHER DREW OUR ATTENTION TO PAGE 6 OF ASSESSEES PAPER BOOK WHEREBY THE BANK ACCOUNT DEPICTING THE INVESTMENT IS DISCLOSED. THE LD. COUNSEL FOR THE ASSESSEE FAIR LY CONCEDED THAT BOTH THE TRANSACTIONS ARE GENUINE TRANSACTIONS AND CAN BE REFERRED BACK T O THE FILE OF AO FOR VERIFICATION. ON QUERY FROM THE BENCH THE LD. SR.DR DID NOT OBJECT T O THE SAME. WE FIND THAT LET THE AO VERIFY THESE TRANSACTIONS AFTER OBTAINING THE EV IDENCES FROM THE ASSESSEE AND IN CASE HE FINDS THESE ARE EXPLAINED HE WILL NOT MAKE ANY ADDITION. IN CASE THE INVESTMENT ARE NOT EXPLAINED HE WILL MAKE ADDITION. 4. IN THE RESULT THE APPEAL OF THE ASSESSEE IS ALLO WED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT. SD/- SD/- [ , , , , ! ! ! ! ] [ , ] [ SHAMIM YAHYA ] [ MAHAVIR SINGH ] ACCOUNTANT MEMBER JUDICIAL MEMBER ( (( (2! 2! 2! 2!) )) ) DATE: 31.03.2014. R.G.(.P.S.) ITA NO.293/KOL/2012 SMT.NEENA BISWAS A.YR.2006-07 3 . ,4 5 4&6- COPY OF THE ORDER FORWARDED TO: 1 . SMT.NEENA BISWAS, P-657, BLOCK O NEW ALIPORE, KOL KATA-700053. 2 THE I.T.O.-WARD-28(4), KOLKATA. 3 . THE CIT, 4. THE CIT(A)-XIV, KOLKATA 5 . DR, KOLKATA BENCHES, KOLKATA -4 ,/ TRUE COPY, $0/ BY ORDER, DEPUTY /ASST. REGISTRAR , ITAT, KOLKATA BENCHES