Shri Pawankumar Goenka, Surat V. The Income tax Officer,Ward-2(2), Surat

ITA 3099/AHD/2013

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 0011 (ITAT-AHMEDABAD)
• Duration Of Justice: 2 year(s) 11 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 29-11-2016
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Next Hearing Date: 23-09-2016
• Assessment Year: 2009-2010
• Appeal Filed On: 26-12-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DEEPAK SUTARIA
• Assessee Lawyers: S K KABRA
• Keywords: Gross profit estimation; Unexplained cash credit; Peak credit
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD A BENCH AHMEDABAD BEFORE SHRI N. K. BILLAIYA, ACCOUNTANT MEMBER, AND SHRI S. S. GODARA, JUDICIAL MEMBER. ITA NO.3099/AHD/2013 (ASSESSMENT YEAR:2009-10) PAWANKUMAR GOENKA M-38, METRO TOWER, RING ROAD, SURAT (GUJ) 395002 A PPELLANT VS. ITO, WARD-2(2), SURAT RESPONDENT PAN: ABKPG0817A / BY ASSESSEE : SHRI S. K. KABRA, A.R. / BY REVENUE : SHRI DEEPAK SUTARIA, SR. D.R. /DATE OF HEARING : 23.09.2016 /DATE OF PRONOUNCEMENT : 29.11.2016 ORDER PER S. S. GODARA, JUDICIAL MEMBER THIS ASSESSEES APPEAL FOR ASSESSMENT YEAR 2009-10 ARISES AGAINST THE CIT(A)-II, SURATS ORDER DATED 15.11.2013, IN APPEA L NO. CAS-II/285/2011- ITA NO.3099/AHD/2013 (PAWANKUMAR GOENKA VS. ITO) A.Y. 2009-10 - 2 - 12, IN PROCEEDINGS UNDER SECTION 143(3) OF THE INCO ME TAX ACT, 1961; IN SHORT THE ACT. 2. THE ASSESSEES SOLE SUBSTANTIVE GROUND CHALLENGE S THE CIT(A)S ORDER AFFIRMING ASSESSING OFFICERS ACTION IN MAKING UNEX PLAINED CREDITS ADDITION OF RS.5,68,036/- AS MADE IN THE COURSE OF REGULAR A SSESSMENT FRAMED ON 19.12.2011. 3. WE COME TO RELEVANT FACTS OF THE CASE. THE WHOL E ISSUE APPEARS TO HAVE STEMMED FROM ASSESSEES BANK ACCOUNT MAINTAINE D WITH PUNJAB NATIONAL BANK. THE ABOVE ASSESSMENT ORDER REVEALS THAT THE ASSESSEE ALLEGEDLY MADE ALL HIS EFFORTS FOR NOT DISCLOSING T HE SAME EITHER IN BOOKS OR IN THE COURSE OF SCRUTINY. THIS BANK ACCOUNT CONTAINE D THE IMPUGNED DEPOSIT OF RS.5,68,036/-. THE ASSESSING OFFICER TREATED THE S AME TO BE IN THE NATURE OF UNEXPLAINED CASH CREDIT FOR MAKING CASH CREDITS FOR MAKING THE ADDITION IN QUESTION. THE CIT(A) CONFIRMS THE SAME. 4. LD. COUNSEL REPRESENTING ASSESSEE IS FAIR ENOUGH IN NOT CHALLENGING THE IMPUGNED UNEXPLAINED CASH CREDIT ADDITION IN PRINCI PLE. HIS ONLY SUBMISSION IS THAT THE ASSESSING OFFICER HAD ADDED THE ENTIRE SUM OF RS.10,63,242/- DEPOSITED IN THE VERY BANK ACCOUNT IN IDENTICAL CIR CUMSTANCES IN PRECEDING ASSESSMENT YEAR 2008-09. HE PLACES ON RECORD CIT(A )S ORDER FOR THE SAID ASSESSMENT YEAR TREATING THESE DEPOSITS AS ASSESSEE S SALES THEREBY ADOPTING PEAK CREDIT FORMULA FOLLOWED BY GP ESTIMATION ADDIT ION THERE UPON @ 12% OVER AND ABOVE THAT; COMING TO RS.2,78,863/-. THE SAID LOWER APPELLATE ORDER DATED 29.11.2011. THE SAME IS STATED TO HAVE BECOM E FINAL. LD. DEPARTMENTAL REPRESENTATIVE FAILS TO REBUT THIS FAC TUAL POSITION OR POINT OUT ANY DISTINCTION ON FACT IN THE INSTANT APPEAL VIS- -VIS THOSE INVOLVED IN THE PRECEDING ASSESSMENT YEAR HEREINABOVE ARE CONCERNED . WE ADOPT CONSISTENCY ITA NO.3099/AHD/2013 (PAWANKUMAR GOENKA VS. ITO) A.Y. 2009-10 - 3 - IN THESE PECULIAR FACTS AND DIRECT THE ASSESSING OF FICER TO PROCEED IN TUNE WITH CIT(A)S ORDER FOR PRECEDING ASSESSMENT YEAR A S INDICATED HEREINABOVE AND FRAMED CONSEQUENTIAL ASSESSMENT. 5. THIS ASSESSEES APPEAL IS ALLOWED FOR STATISTICA L PURPOSES.. [PRONOUNCED IN THE OPEN COURT ON THIS THE 29 TH DAY OF NOVEMBER, 2016.] SD/- SD/- (N. K. BILLAIYA) (S. S. GODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER AHMEDABAD: DATED 29/11/2016 TRUE COPY S.K.SINHA / COPY OF ORDER FORWARDED TO:- / REVENUE 2 / ASSESSEE ! / CONCERNED CIT 4 !- / CIT (A) ( )* + ,--. . /0 / DR, ITAT, AHMEDABAD 1 + 23 / GUARD FILE. BY ORDER / . // . /0