Smt. Indra Mohan Kaur Saluja, Indore V. THE ITO 1(3), Indore

ITA 319/IND/2016

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 6132 (ITAT-INDORE)
• Duration Of Justice: 1 month(s) 6 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 17-05-2016
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Next Hearing Date: 17-05-2016
• Assessment Year: 2010-2011
• Appeal Filed On: 11-04-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: R A VERMA
• Section: 44AD

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, INDORE BENCH, INDORE (SINGLE MEMBER CASE) BEFORE SHRI D.T. GARASIA, JUDICIAL MEMBER I.T.A.NO.319/IND/2016 A.Y. : 2010-11 SMT.INDRA MOHAN KAUR SALUJA, ITO, 1(3), INDORE VS INDORE. APPELLANT RESPONDENT PAN NO. AEOPS2503J A PPELLANT BY : SHRI PANKAJ SHAH, CA RESPONDENT BY : SHRI R. A. VERMA, DR O R D E R THIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER OF CIT(A)-22, NEW DELHI, CAMP OFFICE AT INDORE, DATE D 16.02.2016 FOR THE ASSESSMENT YEAR 2010-11. 2. THE SHORT FACTS OF THE CASE ARE THAT THE ASSESSEE I S DOING THE WORK OF DISCOUNTING OF BILTY AND EARNING THE CHARGES (LIKELY INTEREST) FROM THAT AND NOT ANY COMMISSION. NO BOOKS OF ACCOUNT WERE MAINTAINED BY THE ASSESSEE. AS PER AIR DATE OF HEARING : 17 .0 5. 20 16 DATE OF PRONOUNCEMENT : 17 .0 5 . 201 6 SMT. INDRA MOHAN KAUR SALUJA VS. ITO, 1(3), INDORE I.T.A.NO. 319/IND/2016 A.Y. 2010-11 2 2 INFORMATION, THE ASSESSEE HAS DEPOSITED CASH AMOUNT ING TO RS. 15,88,600/- IN THE SAVING BANK ACCOUNT. THE ASS ESSEE HAS FILED THE COPY OF SAVING BANK ACCOUNT WITH UNION BAN K OF INDIA, VISHNUPURI BRANCH. THE ASSESSEE WAS ASKED TO EXPLAIN THE SOURCE OF CASH DEPOSIT IN THE SAID BANK ACCOUNT . THE ASSESSEE STATED THAT CASH DEPOSIT IN S.B. A/C IS OU T OF ROTATION OF MONEY RECEIVED FROM THE WORK OF DISCOUNTING OF B ILTY AND CASH BALANCE IN HAND. THE AO HAS ADDED THE SAME TO THE TOTAL INCOME OF THE ASSESSEE. THE LD. CIT(A) HAS DISMISSE D THE APPEAL. 3. DURING THE COURSE OF HEARING OF THE APPEAL, THE LD. AUTHORIZED REPRESENTATIVE FOR THE ASSESSEE SUBMITTE D THAT THE ASSESSEE IS DOING THE BUSINESS AND THE ASSESSEE IS MAINTAINING THE BOOKS OF ACCOUNTS. MOREOVER, THE AS SESSEE HAS ALSO FILED THE BALANCE SHEET AND PROFIT AND LOS S ACCOUNT AND ALL THE INFORMATION BEFORE THE AO. THE AO HAS N OT EXAMINED IT AND DIRECTLY MADE THE ADDITION. THEREFO RE, THE MATTER MAY BE RESTORED TO THE AO. 4. I HAVE HEARD THE RIVAL CONTENTIONS OF BOTH THE PART IES. I FIND THAT THE ASSESSEE HAS NOT GOT HER ACCOUNTS AUD ITED SMT. INDRA MOHAN KAUR SALUJA VS. ITO, 1(3), INDORE I.T.A.NO. 319/IND/2016 A.Y. 2010-11 3 3 BECAUSE IT HAS OFFERED 11% AS AGAINST 8% AS NET PRO FITS TO TAX ON GROSS RECEIPTS OF RS. 15,88,600/- BEING UNDER PR ESUMPTIVE PROVISION OF SECTION 44AD OF THE INCOME-TAX ACT, 19 61. THE ASSESSEE HAS MADE THE BANK TRANSACTION IN NORMAL CO URSE OF BUSINESS. THEREFORE, IT MAY BE VERIFIED BY THE AO A ND THE PEAK MAY BE ADDED IF THE ASSESSEE DID NOT EXPLAIN THE SO URCE OF THE DEPOSIT OR IF IT IS THE BUSINESS TRANSACTION, THEN 8% OF THE GROSS RECEIPT SHOULD BE MADE THE ADDITION. THEREFOR E, THE AO IS DIRECTED TO VERIFY THE SAME AND DECIDE THE ISSUE AFRESH AS PER LAW. 5. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALLOWE D FOR STATISTICAL PURPOSES. THIS ORDER HAS BEEN PRONOUNCED IN THE OP EN COURT ON 17 TH MAY, 2016, SD/- ( D.T.GARASIA) JUDICIAL MEMBER DATED : 17 TH MAY, 2016. SMT. INDRA MOHAN KAUR SALUJA VS. ITO, 1(3), INDORE I.T.A.NO. 319/IND/2016 A.Y. 2010-11 4 4 CPU*