Prabhat Chandra Sawailal Jain, Mumbai V. Deputy Commissioner of Income-Tax, Central Circle -1(1), Pune

ITA 411/PUN/2022

AI Insights

The case involves an appeal by Shri Prabhatchandra Sawailal Jain against the order of the CIT(A), Pune-11, which upheld an addition of Rs. 48 lakhs as unexplained cash credits for the assessment year 2014-15. The appellant contended that this income had already been taxed in the previous assessment year 2010-11. The Tribunal noted that the income was declared under 'sundry miscellaneous income' and was not given credit in any other assessment year. Consequently, the Tribunal remanded the case to the CIT(A) for a detailed examination and re-adjudication.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 137553 (ITAT-PUNE)
• Duration Of Justice: 10 month(s) 17 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 11-04-2023
• Appeal Filed By: Assessee
• Order Result: AllowedAllowed
• Bench Allotted: B
• Next Hearing Date: 10-04-2023
• Assessment Year: 2014-2015
• Appeal Filed On: 24-05-2022
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Matter Remanded
• Court: TRIBUNAL
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “B”, PUNE BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND SHRI G.D. PADMAHSHALI, ACCOUNTANT MEMBER ITA No.411/PUN./2022 Assessment Year 2014-2015 Shri Prabhatchandra Sawailal Jain Vatsalya, N.S. 6 th Road, JVPD Scheme, Vile Parle, Mumbai – 400 056. Maharashtra. PAN AAKPJ3257E vs. The DCIT, Central Circle-1(1), Aaykar Sadan, Bodhi Tower, Pune . Maharashtra. Applicant Respondent Assessee by : Shri Naresh Jain And Shri Akshay Jain Revenue by : Shri M.G. Jasnani Date of Hearing : 11.04.2023 Date of Pronouncement : 12.04.2023 आदेश / ORDER PER SATBEER SINGH GODARA, JM : This assessee’s appeal for assessment year 2014-15, arises against the CIT(A), Pune-11, Pune's Din & Order No.ITBA/ APL/S/250/2021-22/1042315392(1), dated 31.03.2022, involving proceedings u/s. 143(3) of the Income Tax Act, 1961 (in short “the Act”). Heard both the parties. Case file perused. 2. Coming to the assessee’s sole substantive ground raised in the instant appeal that both the learned lower authorities have erred in law and on facts in making addition of Rs.48 lakhs representing the alleged unexplained cash credits, the learned 2 ITA.No.411/PUN./2022 Shri Prabhatchandra Sawailal Jain, Mumbai. counsel’s sole arguments is that the very income had already been taxed in the preceding assessment year 2010-11. 3. The Revenue on the other hand has strongly support from the CIT(A)'s detailed discussion affirming the impugned addition reading as under : 3 ITA.No.411/PUN./2022 Shri Prabhatchandra Sawailal Jain, Mumbai. 4. We have given our thoughtful consideration to the foregoing vehement rival stands qua the issue of the alleged double addition of the assessee’s unexplained income of Rs.50 lakhs. We find prima facie merit in the assessee’s arguments as it has come on record that he had indeed declared Rs.50 lakhs under the head “sundry miscellaneous income” which is nowhere given credit or telescoping benefit in any assessment year. Faced with the situation, we deem it appropriate in larger interest of justice that the CIT(A) requires to adjudicate the instant issue afresh as per law preferably within three effective opportunities of hearing after 4 ITA.No.411/PUN./2022 Shri Prabhatchandra Sawailal Jain, Mumbai. getting necessary facts verified at the assessing authority’s end to this effect. Ordered accordingly. 5. This assessee’s appeal is allowed for statistical purposes in above terms. Order pronounced in the Open Court on 12.04.2023. Sd/- Sd/- (G.D. PADMAHSHALI) (SATBEER SINGH GODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER Pune, Dated 12 th April, 2023 VBP/- Copy of the Order is forwarded to: 1. The Appellant; 2. The Respondent; 3. The CIT(A), Pune-11, Pune. 4. 5. 6. The Pr. CIT (Central), Pune The DR ‘B’, ITAT, Pune Guard File BY ORDER, // True Copy // Senior Private Secretary : ITAT : Pune