SHUBHANGI P.TOTRE, MUMBAI V. ITO 22(2)(3), NAVI MUMBAI

ITA 4331/MUM/2014

• Counselvise Citation: [2017] 126 COUNSELVISE.COM (IT) 8517 (ITAT-MUMBAI)
• Duration Of Justice: 3 year(s) 4 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-11-2017
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: E
• Next Hearing Date: 27-02-2017
• Assessment Year: 2010-2011
• Appeal Filed On: 19-06-2014
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: V JOSTIN
• Keywords: Unexplained cash credit

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL E BENCH, MUMBAI BEFORE SHRI B.R. BASKARAN (AM) & SHRI PAWAN SINGH (JM) I.T.A. NO. 4331 /MUM/20 14 (ASSESSMENT YEAR 20 10 - 11 ) MRS. SHUBHANGI P. TOTRE D - 218, GHATKOPAR INDUSTRIAL ESTATE, L.B.S. MARG GHATKOPAR WEST MUMBA I - 400 086. PAN : AEVPT5308P VS. ITO - 22(2)(3) IT - OFFICE, VASHI RAILWAY STATION NAVI MUMBAI. ( APPELLANT ) ( RESPONDENT ) A SSESSEE BY NONE DEPARTMENT BY S HRI V. JOSTIN DATE OF HEARING 1 . 1 1 . 201 7 DATE OF PRONOUNCEMENT 8 . 11 . 201 7 O R D E R PER B.R. BASKARAN (AM) : - THE ASSESSEE HAS FILED THIS APPEAL CHALLENGING THE ORDER DATED 31.3.2014 PASSED BY LD CIT(A) - 33, MUMBAI AND IT RELATES TO THE ASSESSMENT YEAR 2010 - 11. THE ASSESSEE IS AGGRIEVED BY THE DECISION OF LD CIT(A) IN CONFIRMING THE AD DITION OF RS.45.59 LAKHS RELATING TO UNEXPLAINED CASH CREDITS. 2. NONE APPEARED ON BEHALF OF THE ASSESSEE. THE NOTICE SENT BY REGISTERED POST ALSO RETURNED UNSERVED. EVEN THOUGH THE APPEAL WAS FILED BY THE ASSESSEE WAY BACK IN 2014, THE ASSESSEE HAS FAILED TO RESPOND TO THE NOTICES SENT EARLIER. HENCE WE PROCEED TO DISPOSE OF THE APPEAL EX - PARTE, WITHOUT THE PRESENCE OF THE ASSESSEE. 3. THE AO NOTICED FROM THE AIR INFORMATION THAT THE ASSESSEE HAS DEPOSITED CASH INTO HER BANK ACCOUNTS MAINTAIN ED WITH UNION BANK OF INDIA AND CENTRAL BANK OF INDIA. THE ASSESSEE CLAIMED A SUM OF RS.30.00 LAKHS AS SALE PROCEEDS OF AGRICULTURAL LANDS. THE AO NOTICED THAT THE SALE AGREEMENTS WERE UNREGISTERED AND FURTHER THE LANDS STOOD IN THE NAME OF ASSESSEES HU SBAND MRS. SHUBHANGI P. TOTRE 2 AND HIS RELATIVES. ACCORDINGLY HE ASSESSED AGGREGATE AMOUNT OF DEPOSITS OF RS.52,93,959/ - AS INCOME OF THE ASSESSEE. 4. THE LD CIT(A) REJECTED THE THEORY OF SALE CONSIDERATION RECEIVED ON SALE OF AGRICULTURAL LAND. HOWEVER HE GRANTED RELIEF T O THE EXTENT OF RS.7,34,959/ - , BEING THE AMOUNTS REPRESENTING BANK LOAN, MATURITY PROCEEDS OF FD AND INTEREST INCOME. ACCORDINGLY HE CONFIRMED ADDITION TO THE EXTENT OF RS.45,59,000/ - . STILL AGGRIEVED, THE ASSESSEE HAS FILED THIS APPEAL. 5. WE HEARD LD D.R AND PERUSED THE RECORD. WE NOTICE THAT THE ASSESSEE HAS CLAIMED CREDIT FOR OPENING CASH BALANCE OF RS.5,24,271/ - AND CASH WITHDRAWALS OF RS.10,04,000/ - . WE NOTICE THAT THE LD CIT(A) HAS REJECTED THE SAME. IN OUR VIEW, THE OPENING CASH BALANCE MAY BE GIVEN CREDIT, IF THE SAME IS REFLECTED IN THE RETURN OF INCOME FILED FOR EARLIER YEAR. SIMILARLY THE CASH WITHDRAWALS MAY BE ALLOWED CREDIT, IF THE SAME HAS BEEN RE - DEPOSITED. HOWEVER, THESE TWO CLAIMS PUT FORTH BY THE ASSESSEE REQUIRE VERIFICATION. A CCORDINGLY WE RESTORE THESE TWO ISSUES TO THE FILE OF LD CIT(A) FOR EXAMINING THE CLAIMS OF THE ASSESSEE IN THE LIGHT OF ABOVE DISCUSSIONS. THE THEORY OF SALE PROCEEDS OF AGRICULTURAL LANDS, IN OUR VIEW, HAS BEEN RIGHTLY REJECTED BY LD CIT(A) FOR WANT OF CREDIBLE EVIDENCES. HENCE THE BALANCE ADDITION IS CONFIRMED, SINCE THE ASSESSEE COULD NOT FURNISH ANY EVIDENCE. 6. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS PARTLY ALLOWED. ORDER HAS BE EN PRONOUNCED IN THE COURT ON 8 . 1 1 .201 7. SD/ - SD/ - (PAWAN SI NGH ) (B.R.BASKARAN) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI ; DATED : 8 / 1 1 / 20 1 7 COPY OF THE ORDER FORWARDED TO : 1. THE APPELLANT 2. THE RESPON DENT 3. THE CIT(A) 4. CIT MRS. SHUBHANGI P. TOTRE 3 5. DR, ITAT, MUMBAI 6. GUARD FILE. BY ORDER, //TRUE COPY// ( DY./ASSTT. REGISTRAR /SENIOR PS ) PS ITAT, MUMBAI