Shri Pratap Chand, Varanasi V. ITO, Varanasi

ITA 354/ALLD/2014

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 94928 (ITAT-ALLAHABAD)
• Duration Of Justice: 1 year(s) 3 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-09-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2005-2006
• Appeal Filed On: 27-05-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: UMESH PATHAK

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL ALLAHABAD BENCH ALLAHABAD BEFORE SHRI P.K. BANSAL , ACCOUNTANT MEMBER I.T.A. NO. 354 / ALLD/201 4 ASSESSMENT YEAR: 200 5 - 0 6 SHRI PRATAP CHAND, VS. ITO, RANGE - 2(1), VARANASI 59/236 - 1, NIRALA NAGAR, SHIVPURA , MAHMOORGANJ, SIGRA. PAN: AEZPC 4179B (APPELLANT) (RESPONDENT) ASSESSEE BY : NONE REVENUE BY : SHRI UMESH PATHAK , DR. DATE OF HEARING: 10 .08.2015 ORDER PER : P.K. BANSAL , A CCOUNTANT MEMB ER THIS APPEAL HAS BEEN FILED BY THE ASSESSEE AGAINST THE ORDER OF CIT(A) , VARANASI DATED 05.03 .201 4 FOR THE ASSESSMENT YEAR 200 5 - 0 6 . 2. NONE APPEARED ON BEHALF OF THE ASSESSEE. I, THEREFORE, DECIDE TO DISPOSE OF THE APPEAL AFTER HEARING THE LEARNED DR . 3. I HEARD THE LEARNED DR AND CAREFULLY CONSIDER THE SUBMISSION , I NOTED THAT IN THIS APPEAL THERE IS ONLY ONE ISSUE RELATING TO THE ADDITION OF RS.3 LAC IN RESPECT OF INVESTMENT MADE BY THE ASSESSEE. 2 FROM THE ASSESSMENT ORDER, I NOTED THAT THE PROCEEDI NGS HAS BEEN INITIA T ED AGAINST THE ASSESSEE ON BASIS OF AIR INFORMATION THAT THE ASSESSEE HAS MADE AN INVESTMENT OF RS.2 LAC ON 5.1.2005 IN THE PURCHASE OF THE UTI MUTUAL FUND. THE ASSESSING OFFICER I NOTED INSTEAD OF LOOKING INTO THE SOURCE OF THESE INVES TMENTS WENT ONE STEP MORE AND EVEN ESTIMATE D THE INVESTMENT IN UTI MUTUAL FUND AT RS.3 LAC WITHOUT PREVENTING ANY MATERIAL AND EVIDENCE ON RECORD. 4. WHEN THE LEARNED DR WAS ASKED HOW THE ESTIMATE OF RS.3 LAC WAS MADE HE WAS FAIR ENOUGH TO CONCEDE THAT T HERE IS NO EVIDENCE ON RECORD THAT THE ASSESSEE MADE THE INVESTMENT IN UTI MUTUAL FUND AMOUNTING TO RS.3 LAC. I ALSO NOTED THAT THE ASSESSEE HAS MADE THE INVESTMENT OF RS.2 LAC VIDE CHEQUE NO.312 ON 7.1.2005 AFTER RECEIPT OF THE MATURITY OF PNB H OUSING LTD . OF RS.92,150/ - AND UTI BOND OF RS.1,31,749/ - WHICH IS APPARENT FROM THE PHOTOCOPY OF THE BANK STATEMENT. UNDER THESE CIRCUMSTANCES , I SET ASIDE THE ORDER OF THE CIT(A) AND DELETE THE ADDITION. 5. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALLOWED. O RDER PRONOUNCED IN THE OPEN COURT ON 3 / 9 / 2015 SD/ - ( P.K. BANSAL ) ACCOUNTANT MEMBER DATED: 3 / 9 /201 5 PRABHAT KUMAR KESARWANI, SR.P.S. COPY FORWARDED TO: 3 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(APPEALS) 5. DR: ITAT ASSISTANT REGISTRAR