ACIT, New Delhi V. M/s. Toy- N- Toy International, Delhi

ITA 3724/DEL/2017

• Counselvise Citation: [2017] 127 COUNSELVISE.COM (IT) 3021 (ITAT-DELHI)
• Duration Of Justice: 5 month(s) 21 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 29-11-2017
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: G
• Assessment Year: 2003-2004
• Appeal Filed On: 08-06-2017
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: V S AGGA RWAL
• Keywords: Unexplained cash credit
• Section: 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, DELHI SMC BENCH, NEW DELHI BEFORE SHRI B.P. JAIN, ACCOUNTANT MEMBER ITA NO. 3 724 /DEL/201 4 [A.Y. 20 09 - 1 0 ] SHRI SHYAM SUNDAR MITTAL VS. THE J .C. I.T. M/S MITTAL TRADING CORPORATION BHIWA NI C/ O S.K. BANSAL, CA KOCHAR MARKET, FIRST FLOOR JHAJJAR ROAD, ROHTAK PAN : A BPPM 4574 P [APPELLANT] [RESPONDENT] DATE OF HEARING : 27 . 1 1 .2017 DATE OF PRONOUNCEMENT : 29 . 1 1 .2017 ASSESSEE BY : SHRI V.S. AGGARWAL, ADV REVENUE BY : SHRI ATIQ AHMED SR. DR ORDER THIS APPEAL OF THE ASSESSEE ARISES F ROM THE ORDER OF THE LD. CIT(A) , ROHTAK VIDE ORDER DATED 02 .0 4 .20 1 4 FOR A.Y. 20 09 - 10 . 2 . GROUND NOS. 3 AND 4 HAVE NOT BEEN PRESSED BY THE LD. COUNSEL FOR THE ASSESSEE. THEREFORE, THE SAME ARE DISMISSED AS NOT PRESSED. 4. THE ONLY ISSUE IN GROUND NO. 2 HAS BEEN CONTESTED WHICH BY THE ASSESSEE WHICH READS AS UNDER: 2 ITA NO. 3724 /DEL/201 4 2. THAT THE ASSESSING OFFICER HAS ERRED IN LAW AS WELL AS ON FACTS IN MAKING AN ADDITION OF RS. 12,43,000/ - ON ACCOUNT OF ALLEGED UNEXPLAINED CASH CREDITS IN VARIOUS NAMES U/S 68 OF THE INCOME - TAX ACT, 1961 [HEREINAFTER REFERRED TO AS 'THE ACT' FOR SH ORT] . 4. BRIEFLY STATED, THE FACTS OF THE CASE ARE THAT THE ASSESSING OFFICER NOTICED THAT THE ASSESSEE HAS RECEIVED AN AMOUNT OF RS. 12,43,000/ - FROM FOUR PERSONS, NAMELY, SHRI SHYAM SUNDER MITTAL, SMT. SUSHILA MITTAL, SHRI SAVITRI MITTAL AND SMT. KANT A MITTAL. THE ASSESSING OFFICER MADE THE ADDITION OF THE ABOVE AMOUNT ON THE GROUND THAT THESE PERSONS DO NOT HAVE THE CAPABILITY OF GIVING LOANS TO THE ASSESSEE COMPANY THOUGH THE CONFIRMATIONS, PAN AND OTHER DOCUMENTS WERE FILED, WHICH HAVE NOT BEEN DIS PUTED. THE LD. CIT(A) CONFIRMED THE ADDITION SO MADE BY THE ASSESSING OFFICER. 5. I HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSED THE RELEVANT MATERIAL ON RECORD. SINCE THE ASSESSEE HAS PLACED ON RECORD THE CONFIRMATIONS FROM THE CREDITORS, THEIR BANK ACC OUNTS, THEIR CHEQUE NUMBERS, PAN AND ASSESSMENT PARTICULARS, WHICH ARE NOT IN DISPUTE, NO ADDITION CAN BE MADE UNDER SUCH FACTS AND CIRCUMSTANCES OF THE CASE. ACCORDINGLY, THE ADDITION SO MADE BY THE ASSESSING OFFICER AND 3 ITA NO. 3724 /DEL/201 4 CONFIRMED BY THE LD. CIT(A) IS DI RECTED TO BE DELETED. THUS, THE SOLE GROUND IN DISPUTE IS ALLOWED. 5 . IN THE RESULT, THE APPEAL OF THE ASSESSEE IN ITA NO. 3 724 /DEL/201 4 IS ALLOWED . THE ORDER IS PRO NOUNCED IN THE OPEN COURT ON 29 . 1 1 .2017. SD/ - [B.P. JAIN] ACCOUNTANT MEMBER DATED: 29 TH NOVEMBER, 2017 VL/ COPY FORWARDED TO: 1 . APPELLANT 2 . RESPONDENT 3 . CIT 4 . CIT(A) 5 . DR ASST. REGISTRAR, ITAT, NEW DELHI