Nelljuru Jagadeswara Rao, Srikakulam V. The ITO, Srikakulam

ITA 303/VIZ/2017

• Counselvise Citation: [2018] 125 COUNSELVISE.COM (IT) 8698 (ITAT-VISAKHAPATNAM)
• Duration Of Justice: 9 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 07-03-2018
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2011-2012
• Appeal Filed On: 22-05-2017
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: BANGARI
• Assessee Lawyers: S V SATYANARAYANA

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL, VISAKHAPATNAM BENCH, VISAKHAPATNAM . , ! . . # , & BEFORE SHRI V. DURGA RAO, JUDICIAL MEMBER& SHRI D.S. SUNDER SINGH, ACCOUNTANT MEMBER ./ I.T.A.NO.303/VIZ/2017 ( / ASSESSMENT YEAR:2011-12 ) NELLURU JAGADESWARA RAO PROP : CHANDU WINES D.NO.1-571, DEVANGALA STREET NANDIGRAM VILLAGE SRIKAKULAM DIST. [PAN : AKXPN3294Q] VS. INCOME TAX OFFICER WARD-2 SRIKAKULAM ( / APPELLANT) ( / RESPONDENT) / APPELLANT BY : SHRI S.V.SATYANARAYANA, AR / RESPONDENT BY : SHRI M.R.BANGARI, DR / DATE OF HEARING : 27.02.2018 / DATE OF PRONOUNCEMENT : 07.03.2018 / O R D E R PER D.S. SUNDER SINGH, ACCOUNTANT MEMBER: THIS APPEAL IS FILED BY THE ASSESSEE AGAINST THE OR DER OF THE COMMISSIONER OF INCOME-TAX (APPEALS) [CIT(A)]-1, GU NTUR VIDE ITA NO.392/2013-14 DATED 09.03.2017 FOR THE ASSESSMENT YEAR 2011-12. 2 ITA NO.303/VIZ/2017 NELLURU JAGADESWARA RAO, SRIKAKULAM 2. ALL THE GROUNDS OF APPEAL ARE RELATED TO THE ADD ITION MADE BY THE ASSESSING OFFICER(AO) ON ACCOUNT OF CASH CREDITS AM OUNTING TO RS.4,45,000/-. DURING THE ASSESSMENT PROCEEDINGS, THE AO FOUND THAT THE ASSESSEE HAD RECEIVED UNSECURED LOANS OF RS.4,45,00 0/- AND SUBMITTED THE LIST OF CREDITORS FROM WHOM THE LOANS WERE TAKEN. T HE LIST CONTAINED THE NAMES AND AMOUNTS TAKEN AS ADVANCE FROM EACH PERSON , BUT THE COMPLETE DETAILS LIKE ADDRESS OF THE PERSONS, INCOME TAX ASS ESSMENT PARTICULARS , PERMANENT ACCOUNT NUMBER, WHETHER THE CREDITOR IS ASSESSED INCOME TAX OR NOT, IDENTITY PROOF, MODE OF RECEIPT ETC. WERE NOT MADE AVAILABLE AVAILABLE TO THE AO. THE CONFIRMATION LETTERS WERE ALSO NOT SUBMITTED BEFORE THE AO. SINCE THE ASSESSEE FAILED TO ESTABL ISH THE IDENTITY, CREDITWORTHINESS AND GENUINENESS OF THE LOANS TAKEN FROM VARIOUS PERSONS, THE AO HELD THAT THE LOANS AS UNEXPLAINED INCOME AN D ACCORDINGLY MADE THE ADDITION OF RS.4,45,000/- AND BROUGHT TO TAX. 3. AGGRIEVED BY THE ORDER OF THE AO, THE ASSESSEE W ENT ON APPEAL BEFORE THE CIT(A) AND HAS NOT PRESSED THIS GROUND HENCE, T HE LD.CIT(A) HAS TREATED THE GROUND AS WITHDRAWN AND ACCORDINGLY DIS MISSED THE APPEAL OF THE ASSESSEE ON THIS GROUND. 3 ITA NO.303/VIZ/2017 NELLURU JAGADESWARA RAO, SRIKAKULAM 4. AGGRIEVED BY THE ORDER OF THE LD.CIT(A), THE ASS ESSEE PREFERRED APPEAL BEFORE THIS TRIBUNAL AND DURING THE APPEAL H EARING, THE LD.AR ARGUED THAT THE LOANS ARE GENUINE AND REQUESTED TO DELETE THE ADDITION. HOWEVER, THE LD.AR DID NOT PRODUCE ANY EVIDENCE BEF ORE US ALSO TO ESTABLISH THE GENUINENESS, IDENTITY AND CREDIT WORT HINESS OF THE CREDITORS. THEREFORE, WE DO NOT FIND ANY REASON TO INTERFERE W ITH THE ORDER OF THE LD.CIT(A) AND THE SAME IS UPHELD. 5. IN THE RESULT, APPEAL OF THE ASSESSEE IS DISMISS ED. THE ABOVE ORDER WAS PRONOUNCED IN THE OPEN COURT O N 7 TH MAR 2018. SD/- SD/- ( . ) ( ! . . # ) (V. DURGA RAO) (D.S. SUNDER SINGH) /JUDICIAL MEMBER /ACCOUNTANT MEMBER /VISAKHAPATNAM $ /DATED : 07.03.2018 L.RAMA, SPS 4 ITA NO.303/VIZ/2017 NELLURU JAGADESWARA RAO, SRIKAKULAM & ' / COPY OF THE ORDER FORWARDED TO:- 1. / THE APPELLANT- NELLURU JAGADESWARA RAO, PROP : CHAN DU WINES D.NO.1-571, DEVANGALA STREET, NANDIGRAM VILLAGE, SR IKAKULAM DIST. 2. / THE RESPONDENT INCOME TAX OFFICER, WARD-2, SRIKAKULAM 3. THE PR. COMMISSIONER OF INCOME TAX-2, VISAKHAPATN AM 4. THE COMMISSIONER OF INCOME TAX(APPEALS)-1, GUNTUR , CAMP : VISAKHAPATNAM 5. * , * , / DR, ITAT, VISAKHAPATNAM 6 . / GUARD FILE / BY ORDER // TRUE COPY // SR. PRIVATE SECRETARY ITAT, VISAKHAPATNAM