Income Tax Officer, Ward -1(3), Belgaum., Belgaum V. Shri Basetappa B. Badami., Belgaum

ITA 413/PAN/2014

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 93452 (ITAT-PANAJI)
• Duration Of Justice: 6 month(s) 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-06-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB
• Next Hearing Date: 18-06-2015
• Assessment Year: 2011-2012
• Appeal Filed On: 05-12-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: MEHBOOB ALI KHAN

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PANAJI BENCH, PANAJI BEFORE SHRI GEORGE MATHAN , HONBLE JUDICIAL MEMBER AND SHRI N.K. BILLAIYA , HONBLE ACCOUNTANT MEMBER ITA NO. 413 /PNJ/2014 (ASST. YEAR : 20 11 - 1 2 ) ITO, WARD - 1(3), BELGAUM. VS. SHRI BASET TE PPA B. BADAMI, C/O BELGAUM PIPES & TUBES, OLD DHARWAD ROAD, CBS COMPLEX, BELAGAVI. PAN NO. ABDPB 5252 F (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI PRAMOD VAIDYA ADV. DEPARTMENT BY : SHRI MEHBOOB ALI KHAN - DR DATE OF HEARING : 1 8 / 0 6 /2015 . DATE OF PRONOUNCEMENT : 18/ 0 6 /201 5 . O R D E R PER N.K. BILLAIYA THIS APPEAL BY THE REVENUE IS DIRECTED AGAINST THE ORDER OF L D.CIT (A), BELGAUM , DATED 0 1 / 1 0/201 4 PERTAINING TO A.Y. 20 11 - 1 2 . 2. AT THE VERY OUTSET , COUNSEL FOR THE ASSESSEE STATED THAT GRIEVANCE OF THE REVENUE HAS ALREADY BEEN DECIDED BY THE TRIBUNAL IN FAVOUR OF THE ASSESSEE AND AGAINST THE REVENUE IN A.YS. 2006 - 07, 2008 - 09 & 2 ITA NO. 413 /PNJ/2014 2010 - 11 IN I.T.A.NO. 184 TO 186/PNJ/2014 DATED 01/10/2014 . LEARNED DR FAIRLY CONCEDED TO THIS. 3. THE GRIEVANCE OF THE REVENUE READ AS UNDER: - (1) IN THE FACTS AND CIRCUMSTANCES OF THE CASE, THE ID CIT(A) ERRED IN ACCEPTING THE ASSESSEE'S CASH FLOW STATEMENT WHICH WAS PREPARED WITHOUT ANY CORROBORATIVE EVIDENCE TO INDICATE THAT THE EARLIER WITHDRAWN MONEY WAS RE - DEPOSITED IN THE BANK ACCOUNTS. (2) IN THE FACTS AND CIRCUMSTANCES OF THE CASE, THE ID CIT(A) ERRED IN MERELY RELYING UPON THIS CASH FLOW STATEMENT WHICH WAS NOTHING BUT ENTRIES RECORDED ON THE BASIS OF CASH WITHDRAWN AND DEPOSITED IN THE VARIOUS BANK ACCOUNTS. (3) IN THE FACTS AND CIRCUMSTANCES OF THE CASE, THE ID CIT(A) ERRED IN NOT CONSIDERING THE FACTUAL FACTS ARRIVED AT BY THE AO IN ASST ORDER WHILE MAKING ADDITIONS UNDER SECTION 69A ON ACCOUNT OF UNEXPLAINED MONEY IN THE BANK ACCOUNTS. (4) IN THE FACTS AND CIRCUMSTANCES OF THE CASE, THE, ID CIT(A) ERRED IN IGNORING THE FACT THAT DURING THE COURSE, OF SURVEY THE ASSESSEE HIMSELF HAS STATED THAT HE HAS DEPOSITED UNACCOUNTED BUSINESS PROCEEDS INTO THESE ACCOUNTS AND THEREFORE, THE CASH FLOW STATEMENT MADE AS AN AFTERTHOUGHT CANNOT BE RELIED UPON. 4 . IN ASSESSEES OWN CASE IN A.YS. 2006 - 07, 2008 - 09 & 2010 - 11 (SUPRA) , WE FIND THAT IDENTICAL GROUNDS WERE TAKEN BY THE R E VENUE . WE FIND FORCE IN THE CONTENTION OF THE LEARNED COUNSEL THAT IN THE EARLIER YEARS THE TRIBUNAL HAS DECIDED ALL THESE ISSUES IN FAVOUR O F THE ASSESSEE AND AGAINST THE REVENUE. RESPECTFULLY FOLLOWING THE ORDER OF THE COORDINATE BENCH, APPEAL FILED BY THE REVENUE IS DISMISSED. 3 ITA NO. 413 /PNJ/2014 5. IN THE RESULT, APPEAL FILED BY THE REVENUE IS DISMISSED. ( ORDER PRONOUNCED IN THE OPEN COURT ON 1 8 TH JUNE , 201 5 ). S D / - S D / - ( GEORGE MATHAN ) ( N.K. BILLA I YA ) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED : 1 8 T H JUNE , 201 5 . VR/ - COPY TO: 1 . THE APPELLANT 2 . THE RESPONDENT 3 . THE LD. CIT 4 . THE CIT(A) 5 . THE D.R 6 . GUARD FILE. BY ORDER ASSISTANT REGISTRAR I.T.A.T., PANAJI 4 ITA NO. 413 /PNJ/2014 DATE INITIAL ORIGINAL DICTATION PAD IS ENCLOSED IN THE FILE 1. DRAFT DICTATED ON 1 8 .06.2015 SR.PS 2. DRAFT PLACED BEFORE AUTHOR 1 8 .06.2015 SR.PS 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER 1 8 /06/2015 JM/AM 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER 1 8 /06/2015 JM/AM 5. APPROVED DRAFT COMES TO THE SR.PS/PS 1 9 /06/2015 SR.PS 6. DATE OF PRONOUNCEMENT 1 8 /06/2015 SR.PS 7. FILE SENT TO THE BENCH CLERK 19 /06/2015 SR.PS 8. DATE ON WHICH FILE GOES TO THE HEAD CLERK 9. DATE OF DISPATCH OF ORDER