Biranchi Narayan Mishra, Khorda V. I.T.O, Khurda Ward , Khurda

ITA 335/CTK/2023

• Counselvise Citation: [2024] 101 COUNSELVISE.COM (IT) 8290 (ITAT-CUTTACK)
• Duration Of Justice: 4 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 11-03-2024
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: SMC
• Next Hearing Date: 11-03-2024
• Assessment Year: 2013-2014
• Appeal Filed On: 29-10-2023
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: B.V.R.SWAMY
• Keywords: Peak credit

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, BEFORE Biranchi Narayan Mishyra, House No.39, Trahi Achyuta Nagar, Jhinti Sasan, Via: Balakati, PO; Trahi Achyuta Nagar, Dist: Khurda PAN/GIR No. (Appellant Both the separate order Appeal No.NFAC/2012 the assessment years 2. Shri B.V.R.Swamy, ld AR appeared for the assessee and Shri S.C.Mohanty, ld Sr DR appeared 3. It was submitted by ld AR that in both the assessment years, the ld CIT(A) has upheld the addition made in the assessment orders without considering the cash available with IN THE INCOME TAX APPELLATE TRIBUNAL, CUTTACK ‘SMC’ BENCH, CUTTACK BEFORE SHRI GEORGE MATHAN, JUDICIAL ITA Nos.335 & 336/CTK/20 Assessment Years : 2013-14 & 2014 Biranchi Narayan Mishyra, House No.39, Trahi Achyuta Nagar, Jhinti Sasan, Via: Balakati, PO; Trahi Achyuta Nagar, Dist: Khurda Vs. Income Tax officer, Khurda Ward, Khurda PAN/GIR No.ANCPM 1672 M (Appellant) .. ( Respondent Assessee by : Shri B.V.R.Swamy, Advocate Revenue by : Shri S.C.Mohanty, Date of Hearing : 12/0 Date of Pronouncement : 12/0 O R D E R Both the appeals filed by the assessee are directed orders of the ld CIT(A), NFAC, Delhi both NFAC/2012-13 /0064192 and No.NFAC/2013 the assessment years : 2013-14 & 2014-15, respectively. Shri B.V.R.Swamy, ld AR appeared for the assessee and Shri S.C.Mohanty, ld Sr DR appeared for the revenue. It was submitted by ld AR that in both the assessment years, the ld CIT(A) has upheld the addition made in the assessment orders without considering the cash available with Page1 | 4 IN THE INCOME TAX APPELLATE TRIBUNAL, , CUTTACK JUDICIAL MEMBER /CTK/2023 14 & 2014-15 Income Tax officer, Khurda Ward, Khurda Respondent) B.V.R.Swamy, Advocate : Shri S.C.Mohanty, Sr DR 03/2024 /03/2024 are directed against the dated 31.8.2023 in /0064192 and No.NFAC/2013-14/10070408 for 15, respectively. Shri B.V.R.Swamy, ld AR appeared for the assessee and for the revenue. It was submitted by ld AR that in both the assessment years, the ld CIT(A) has upheld the addition made in the assessment orders without considering the cash available with ITA Nos.335 & 336/CTK/2023 Assessment Years : 2013-14 & 2014-15 Page2 | 4 the assessee out of his disclosed income when making the addition. It was the submission that once the cash available in the disclosed income is considered, then further addition would not be called for. 4. In reply, ld Sr DR submitted that the Tribunal had set aside the original assessment for the purpose of computing the addition on the basis of the peak credit. The assessee has not provided the details of the peak credit. 5. When specifically asked to ld AR regarding the accounts of the assessee, ld AR submitted that the assessee is a no accounts case and the income is offered on estimate basis. 6. I have considered the rival submissions. A perusal of the order of the Tribunal in ITA No.319 to 321 & 350/CTK/2019 dated 9.1.2020 shows that in para 3 of its order, the Tribunal has specifically considered the submissions of ld AR at that point of time, wherein, he has submitted that “if at all, any addition is required to be made, then the peak amount can be added to the income of the assessee”. After considering the submissions of ld AR, the Tribunal restored the issue back to the file of the Assessing Officer with the following directions: “We find that the issue, in any case, is to be remanded back to the file of the Assessing Officer to determine the peak credit claimed by the assessee and the assessee is directed to give peak computation of these transactions. ITA Nos.335 & 336/CTK/2023 Assessment Years : 2013-14 & 2014-15 Page3 | 4 In case, assessee will not provide information on peak credits, the AO will verify and frame assessment accordingly and recalculate the taxable income of the assessee accordingly.” 7. In the present case, the assessee has not provided the details of the peak credits before the lower authorities or before the Tribunal. The stand of the assessee is that the assessee has not maintained any books of account. The Tribunal has specifically given direction that if the information is not provided, the AO will verify and frame assessment and recalculate the taxable income of the assessee accordingly. As the information has not been provided, the Assessing Officer has framed the assessment as per the direction of the Tribunal. I find no error in the action of the AO or that of the ld CIT(A). Consequently, the order of the AO and that of the ld CIT(A) stands confirmed. 8. In the result, both the appeals of the assessee stand dismissed. Order dictated and pronounced in the open court on 12/03/2024. Sd/- (George Mathan) JUDICIAL MEMBER Cuttack; Dated 12 /03/2024 B.K.Parida, SPS (OS) ITA Nos.335 & 336/CTK/2023 Assessment Years : 2013-14 & 2014-15 Page4 | 4 Copy of the Order forwarded to : By order Sr.Pvt.secretary ITAT, Cuttack 1. The Appellant : Biranchi Narayan Mishyra, House No.39, Trahi Achyuta Nagar, Jhinti Sasan, Via: Balakati, PO; Trahi Achyuta Nagar, Dist: Khurda 2. The Respondent: Income Tax officer, Khurda Ward, Khurda 3. The CIT(A)-, NFAC , Delhi 4. Pr.CIT, Bhubaneswar 5. DR, ITAT, Cuttack 6. Guard file. //True Copy//