Sri.K.G.Philip, Cochin V. The DCIT, Ernakulam

ITA 309/COCH/2016

• Counselvise Citation: [2018] 126 COUNSELVISE.COM (IT) 4424 (ITAT-COCHIN)
• Duration Of Justice: 1 year(s) 7 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-02-2018
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: DB
• Assessment Year: 2008-2009
• Appeal Filed On: 04-07-2016
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: A DHANARAJ
• Assessee Lawyers: K PARVATHY AMMAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN BEFORE SHRI CHANDRA POOJAR I, AM & SHRI GEORGE GEORGE K, JM ITA NO. 30 9 /COCH/201 6 : ASST.YEAR 200 8 - 200 9 SHRI K.G.PHILIP KANOOTHARA, A - 23 GREEN ACRES, TATAPURAM ERNAKULAM NORTH KOCHI 682 018. PAN : AGTPP7531Q. VS. THE DY.COMMISSIONER OF INCOME - TAX, CEN.CIR.1 ERNAKULAM. (APPELLANT) (RESPONDENT) APPELLANT BY : SMT.K.PARVATHY AMMAL, CA RESPONDENT BY : SRI. A.DHANARAJ, SR.DR DATE OF HEARING : 26.02.2018 DATE OF PRONOUNCEMENT : 27 .02.2018 O R D E R PER GEORGE GEORGE K. , J M THIS APPEAL AT THE INSTANCE OF THE ASSESSEE IS DIRECTED AGAINST THE COMMISSIONER OF INCOME - TAX (APPEALS)S ORDER DATED 30.03.2016. THE RELEVANT ASSESSMENT YEAR IS 200 8 - 2009 . 2. THE ASSESSEE HEREINABOVE CHALLENGED THE SUSTENANCE OF FOLLOWING ADDITIONS: - DATE PARTICULARS AMOUNT (RS.) 04.04.2007 AMOUNT RECEIVED FROM SMT.RENI ABRAHAM 1,00,000 23.07.2007 CASH DEPOSITS 60,000 23.01.2008 CASH DEPOSIT 2,00,000 24.01.2008 CASH DEPOSIT 61,000 24.01.2008 CASH DEPOSIT 20,000 15.02.2014 CASH DEPOSIT 14,000 18.02.2008 CASH DEPOSIT 60,000 (OUT OF RS.4,60,000) ITA NO. 30 9 / COCH /201 6 . SRI K.G.PHILIP. 2 3. THE LEARNED COUNSEL FOR THE ASSESSEE SUBMITTED THAT THESE AMOUNTS WERE DEPOSITED OUT OF CASH WITHDRAWALS ON VARIOUS DATES AND THEREFORE , TELESCOPIC BENEFIT TO BE GIVEN. TO EXPLAIN THE CASH AVAILABILITY, THE ASSESSEE PRODUCED CASH FLOW STATEMENT HERE - IN - BELOW FOR THE YEAR UNDER CONSIDERATION : - NARRATION CASH BANK ING VYSYA BANK TOTAL NARRATION CASH BANK TOTAL TO OPENING BALANCE 699290.00 595.17 81.12 699966.29 CASH DEPOSIT INTO BANK 1265400.0 0 1265400. 00 CASH DEPOSIT INTO BANK 1213400.00 52000.00 12654000.00 CASH WITHDRAW N FROM BANK 1251400.0 0 420000.0 0 1671400. 00 AMOUNT FROM ANOOP 400000.00 400000.00 800000.00 AMOUNT FROM ANOOP DEPOSITED INTO BANK 400000.00 400000.0 0 AMOUNT FROM ANOOP DEPOSITED INTO BANK 400000.00 LOAN REPAYMEN T CITY BANK 94500.00 94500.00 CASH WITHDRAWN FROM BANK 1671400.0 0 16,71,400.0 0 LOAN REPAYMEN T ICICI BANK 23774.00 23774.00 AMOUNT FROM RENE ABRAHAM 100000.00 LOAN REPAYMEN T LYNDON PERIERA 400000.00 400000.0 0 AMOUNT FROM DEVADAS 100000.00 100000.00 CLEARING CHEQUE 200000.00 200000.0 0 AMOUNT FROM LYNDON PERIERA 400000.00 400000.00 R.MOHAN 400000.00 400000.0 0 AMOUNT FROM TOM CHACKO 350000.00 350000.00 PAYMENT TO TOM CHACKO 60000.00 60000.00 AMOUNT FROM TOM CHACKO 200000.00 200000.00 CHEQUE RETURNED SREEDHAR 250000.00 250000.0 0 SBI 35000.00 35000.00 INFRA HOUSING LOAN REPAYMEN T 35000.00 35000.00 ITA NO. 30 9 / COCH /201 6 . SRI K.G.PHILIP. 3 LOAN FROM EMPLOYEES CREDIT CO.OP SOCIETY 150000.00 150000.00 TOM CHACKO 455000.00 455000.0 0 AMOUNT FROM SREEDHAR 500000.00 500000.00 OTHER WITHDRAW ALS 120000.00 66267.95 32081.12 218349.0 7 AMOUNT FROM NAVEEN SUNNY 400000.00 400000.00 HSBC 23600.00 23600.00 INCOME AS PER RETURN 303554.00 303554.00 SBI 24600.00 24600.00 BALANCE CARRIED DOWN 1438844.0 0 14853.22 1453697. 22 TOTAL 3224244.0 0 3298995.17 852081.12 6975320.29 TOTAL 3224244.0 0 3298995.1 7 452,081. 12 6975320. 29 4. THE LEARNED DEPARTMENTAL REPRESENTATIVE, ON THE OTHER HAND, SUBMITTED THAT THERE IS NO DIRECT NEXUS BETWEEN THE WITHDRAWALS AND DEPOSITS IN THE BANK ACCOUNT , SINCE THERE IS NO LONG GAP BETWEEN THE WITHDRAWALS FROM BANK ACCOUNT AND DEPOSIT INTO THE BANK ACCOUNT WITH IN G VYSYA BANK. 5. WE HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSED THE MATERIAL ON RECORD. AS SEEN FROM THE CASH FLOW STATEMENT, THERE IS EVIDENCE OF SUFFICIENT CASH BALANCE IN POSSE SSION OF THE ASSESSEE FOR CASH DEPOSIT OF WITH BANK, THEREFORE, WE ARE OF THE VIEW THAT TELESCOPING BENEFIT TO BE GIVEN TO THE ASSESSEE. FURTHER, WE NOTICED THAT THERE IS NO DISCUSSION ABOUT THIS CASH FLOW STATEMENT EITHER IN THE ASSESSMENT ORDER OR THE APPELLATE ORDER. THEREFORE, IN THE INTEREST OF JUSTICE AND EQUITY, WE REMIT THE ISSUE TO THE FILE OF THE ASSESSING OFFICER FOR CONSIDERATION AFRESH. ITA NO. 30 9 / COCH /201 6 . SRI K.G.PHILIP. 4 6 . IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS PARTLY ALLOWED. ORDER PRONOUNCED ON THIS 27 TH DAY OF FEBRUARY, 20 18 . SD/ - SD/ - ( CHANDRA POOJARI ) ( GEORGE GEORGE K. ) ACCOUNTANT MEMBER JUDICIAL MEMBER COCHIN ; DATED : 27 TH FEBRUARY, 2018 . DEVDAS* COPY OF THE ORDER FORWARDED TO : BY ORDER, (ASSTT. REGISTRAR) ITAT, COCHIN 1. THE APPELLANT 2. THE RESPONDENT. 3. THE PR.CIT (CENTRAL) KOCHI . 4. THE CIT (A) IV, KOCHI. 5. DR, ITAT, COCHIN 6. GUARD FILE.