GIRISH O BANG, MUMBAI V. ITO 25(2)(4), MUMBAI

ITA 3032/MUM/2012

• Counselvise Citation: [2015] 134 COUNSELVISE.COM (IT) 2288 (ITAT-MUMBAI)
• Duration Of Justice: 3 year(s) 7 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-12-2015
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: G
• Next Hearing Date: 03-12-2015
• Assessment Year: 2008-2009
• Appeal Filed On: 03-05-2012
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: ANU K AGGARWAL
• Keywords: Peak credit

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL G BENCH, MUMBAI . . , , BEFORE S/SHRI B.R.BASKARAN, ACCOUNTANT MEMBER AND SHRI SANDEEP GOSAIN, J UDICIAL MEMBER ./ I.T.A. NO. 3031 AND 3032 /MUM/ 201 2 ( / ASSESSMENT YEAR : 2007 - 08 AND 2008 - 09 ) GIRISH O BANG, L - 59/60, YOGI PRESTIGE 403/404, YOGI NAGAR, BORIVALI (W), MUMBAI - 400092 / VS. INCOME TAX OFFICER 25(2)(4) , C - 11, PRATYAKSHA KAR BHAVAN, LST FLOOR, BANDRA KURLA COMPLEX, BANDRA, MUMBAI - 400051 ./ PAN : AEKPB1072M ( / APPELLANT ) .. ( / RESPONDENT ) / APPELLANT BY : NONE / RE SPONDENT BY : SMT.ANU K AGGARWAL / DATE OF HEARING : 3 .12. 2015 / DATE OF PRONOUNCEMENT : 3 .12. 2015 O R D E R PER B.R.BASKARAN,AM : BOTH THE APPEALS FILED BY THE ASSESSEE ARE DIRECT ED AGAINST THE ORDERS PASSED BY THE LD.CIT(A) - 35, MUMBAI AND THEY RELATE TO THE ASSESSMENT YEARS 2007 - 08 AND 2008 - 09. 2. ASSESSEE IS AGGRIEVED BY THE DECISION OF LD.CIT(A) IN PARTIALLY CONFIRMING THE ADDITION OF DEPOSIT S FOUND IN THE BANK ACCOUNT OF T HE ASSESSEE IN BOTH THE YEARS. 3. NONE APPEARED ON BEHALF OF THE ASSESSEE EVEN THOUGH THE NOTICE WAS SENT TO THE ASSESSEE BY RPAD ON MORE THAN ONE OCCASION. HENCE, WE PROCEED TO DISPOSE OF THE APPEAL EX - PARTE, WITHOUT THE PRESENCE OF THE ASSESSEE. ITA NO. 3031 AND 3032/ / MUM/ 201 2 2 4. WE HEARD THE LD. DR AND PERUSED THE RECORD. WE NOTICE THAT THE ASSES SEE COULD NOT PROPERLY EXPLAIN THE SOURCES OF DEPOSITS MADE IN HIS BANK ACCOUNT AND HENCE, THE AO ASSESSED THE ENTIRE AMOUNT OF DEPOSITS MADE IN THE BANK ACCOUNT A GGREGAT ING TO RS.65.14 L AKHS AND RS.29.35 LAKHS RESPECTIVELY FOR THE ASSESSMENT YEARS 2007 - 08 AND 2008 - 09 RESPECTIVELY. 5. IN THE APPELLATE PROCEEDINGS, THE LD. CIT(A) FOLLOWED PEAK CREDIT THEORY, ACCORDINGLY SUSTAINED THE ADDITION TO THE EXTENT OF RS.10.54 LAKHS AND RS.12.35 LAKHS FOR THE ASSESSMENT Y EARS 2007 - 08 AND 2008 - 09 RES PECTIVELY. STILL AGGRIEVED, THE ASSESSEE HAS FILED THESE APPEALS BEFORE US. 6. A PERUSAL OF THE ORDERS PASSED BY THE LD. CIT(A) SHOW THAT THE FIRST APPELLATE AUTHORITY HAS TAKEN A CONSCIOUS DECISIO N AFT ER CONSIDERING THE ENTIRE GAMUT OF FACTS SURROUNDING THE ISSUE. FURTHER WE NOTICE THAT THE LD. CIT(A) HAS FOLLOWED THE DECISION RENDERED BY THE TRIBUNAL IN ASSESSEES OWN CA S E IN ITA NO.4314/MUM/2008 RELATING TO ASSESSMENT YEAR 2005 - 06, WHEREIN THE TRIBUNAL HAD HELD THAT ADDITIONS SHOULD BE RESTRICTED TO PEAK CASH CREDIT. UNDER THESE SET OF FACTS, WE DO NOT FIND ANY INFIRMITY IN THE ORDER OF LD.CIT(A) AND ACCORDINGLY UPHELD THE SAME FOR BOTH THE YEARS. 7 . IN THE RESULT, THE APPEAL S OF THE ASSESSEE ARE DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 3RD DEC 2015 . S D SD ( / SANDEEP GOSAIN ) ( . . / B.R.BASKARAN) /JUDICIAL MEMBER /ACCOUNTANT MEMBER MUMBAI ; DATED .. 3RD DEC,2015 ITA NO. 3031 AND 3032/ / MUM/ 201 2 3 . . ./ SRL , SR. PS / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ( ) / THE CIT(A) - CONCERNED 4. / CIT CONCERNED 5. , , / DR, ITAT, MUMBAI CONCERNED 6. / GUARD FILE. / BY ORDER, TRUE COPY (ASSTT. REGISTRAR) , /ITAT, MUMBAI