ITO, Ward - 35(4), Kolkata, Kolkata V. Shri Manak Chand Daga, Kolkata

ITA 386/KOL/2012

• Counselvise Citation: [2013] 140 COUNSELVISE.COM (IT) 70435 (ITAT-KOLKATA)
• Duration Of Justice: 1 year(s) 8 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-12-2013
• Appeal Filed By: Department
• Bench Allotted: C
• Assessment Year: 2007-2008
• Appeal Filed On: 12-03-2012
• Court: TRIBUNAL
• Department Lawyers: AMIT KUMAR MOITRA
• Assessee Lawyers: S M SURANA
• Keywords: Peak credit

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, BENCH C , KOLKATA [BEFORE HONBLE SRI R.C.SHARMA, AM & HONBLE SRI GEORGE MATHAN, JM] ITA NO.386/KOL/2012 ASSESSMENT YEAR : 2007-08 ( APPELLANT ) (RESPONDENT) I.T.O., WARD-35(4), -VS- . SHRI MANAK CHAND DAGA KOLKATA KOLKATA (PAN:AGQPD 7082 B) FOR THE APPELLANT: SHRI AMIT KUMAR MOITRA, JCIT, SR.DR FOR THE RESPONDENT: SHRI S.M.SURANA, ADVOCATE DATE OF HEARING : 04.12.2013 DATE OF PRONOUNCEMENT : 04. 12.2013. ORDER PER SHRI GEORGE MATHAN, JM THIS IS AN APPEAL FILED BY THE REVENUE AGAINST THE ORDER OF LD. C.I.T.(A)- XX, KOLKATA IN APPEAL NO.229/CIT(A)-XX/WARD-35(4)/09-10 DATED 09.12.2011 FOR ASSESSMENT YEAR 2007-08. 2. SHRI AMIT KUMAR MOITRA, JCIT,SR.DR REPRESENTED ON BEHALF OF THE REVENUE AND SHRI S.M.SURANA, ADVOCATE REPRESENTED ON BEHA LF OF THE ASSESSEE. 3. IT WAS SUBMITTED BY THE LD. DR THAT IN THE COUR SE OF ASSESSMENT THE AO HAD NOTICED THAT UNDISCLOSED BANK ACCOUNT BELONGED TO T HE ASSESSEE. IT WAS THE SUBMISSION THAT AS THE ASSESSEE WAS UNABLE TO EXPLAIN THE TRAN SACTIONS IN THE BANK ACCOUNT THE AO HAD ADDED THE COMPLETE CASH DEPOSIT TOTALING TO RS. 10,84,350/- IN THE HANDS OF THE ASSESSEE IN RESPECT OF THE SAID BANK ACCOUNT. IT WA S THE SUBMISSION THAT ON APPEAL THE LD. CIT(A) HELD THAT ONLY THE PEAK CREDIT IN RESPE CT OF THE SAID BANK ACCOUNT WAS LIABLE TO BE ADDED. IT WAS THE SUBMISSION THAT ORDE R OF THE LD. CIT(A) WAS LIABLE TO BE REVERSED. ITA NO.386/KOL/2012 I.T. O., WARD-35(4),KOLKATA VS SHRI MANAK CHAND DAGA A.YR.2007-08 2 4. IN REPLY THE LD. AR VEHEMENTLY SUPPORTED THE ORD ER OF LD. CIT(A). IT WAS THE SUBMISSION THAT THE LD. CIT(A) HAD RESTORED THE ISS UE TO THE FILE OF AO TO VERIFY THE PEAK CREDIT AND RESTRICTED THE ADDITION TO THE PEAK CREDIT ON THE BASIS OF THE DECISION OF HONBLE JURISDICTIONAL HIGH COURT AS ALSO THE I.T.A .T. 5. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS. A PERU SAL OF THE ORDER OF LD. CITA) AT PAGES 11,12 AND 13 OF HIS ORDER CLEARLY SHOW THA T THE LD. CIT(A) HAS FOLLOWED THE DECISION OF THE JURISDICTIONAL HIGH COURT IN THE CA SE OF SANJAY KUMAR JAIN [2001] 118 TAXMAN 821(CAL) AS ALSO VARIOUS DECISIONS OF THE KO LKATA BENCHES OF ITAT WHILE DIRECTING THE AO TO VERIFY THE PEAK CREDIT AND MADE THE ADDITION IN RESPECT OF SUCH PEAK CREDIT. THE REVENUE HAS NOT BEEN ABLE TO POINT OUT ANY ERROR IN THE FINDING OF LD. CIT(A). IN THE CIRCUMSTANCES AS IT IS NOTICED THAT THE ISSUE HAS BEEN DECIDED BY THE LD. CIT(A) BY FOLLOWING THE JUDICIAL DISCIPLINE WE ARE OF THE VIEW THAT NO INTERFERENCE IN THIS ORDER IS CALLED FOR. 6. IN THE RESULT THE APPEAL OF THE REVENUE IS DISMI SSED. ORDER PRONOUNCED IN THE OPEN COURT ON 04.12.2013. SD/- SD/- [R.C.SHARMA] [ GEORGE MATHAN ] ACCOUNTANT MEMBER JUDICIAL MEMBER ( (( ( ) )) ) DATE: 04.12.2013. R.G.(.P.S.) - COPY OF THE ORDER FORWARDED TO: 1. SHRI MANAK CHAND DAGA, 15/2, ARMENIAN STREET, KOLKA TA-700001. 2 I.T.O., WARD-35(4), KOLKATA 3 . CIT(A)-XX, KOLKATA 4. CIT - KOLKATA. 5. CIT(A)DR, KOLKATA BENCHES, KOLKATA / TRUE COPY, !/ BY ORDER, DEPUTY /ASST. REGISTRAR , ITAT, KOLKATA BENCHES ITA NO.386/KOL/2012 I.T. O., WARD-35(4),KOLKATA VS SHRI MANAK CHAND DAGA A.YR.2007-08 3