Appeal Details
Counselvise Citation
437419914 RSA 2013
Assessee PAN
Bench
Appeal Number
Duration Of Justice
1 year(s) 10 month(s) 10 day(s)
Appellant
Respondent
Appeal Type
Income Tax Appeal
Pronouncement Date
10-04-2015
Appeal Filed By
Department
Bench Allotted
E
Assessment Year
2009-2010
Appeal Filed On
31-05-2013
Judgement Text
, , IN THE INCOME TAX APPELLATE TRIBUNAL E , BENCH MUMBAI . . , , BEFORE SHRI R.C.SHARMA , A M & SHRI SANJAY GARG , J M ./ ITA NO . 4374 / MUM/20 1 3 ( / ASSESSMENT YEAR : 200 9 - 10 ) ITO - 21(3)(2), MUMBAI VS. SRI SONPAL SINGH PAL SINGH SAINI, C/O SONA TRANSPORT PVT. LTD., OPP. NILAM HOTEL, NEAR AMAR CINEMA, GOVANDI, MUMBAI - 400088 ./ ./ PAN/GIR NO. : A X BPS 4516 M ( / APPELLANT ) .. ( / RESPONDENT ) /REVENUE BY : SHRI NEIL PHILIP /ASSESSEE BY : SHRI NILESH JOSHI / DATE OF HEARING : 24 /03/2015 / DATE OF PRONOUN CEMENT 10/04 /2015 / O R D E R PER R.C.SHARMA (A.M) : THIS IS AN APPEAL FILED BY THE REVENUE AGAINST THE ORDER OF CIT(A) DATED 12 - 3 - 2013 FOR THE A.Y. 2009 - 2010 IN THE MATTER OF ORDER PASSED U/S.1 4 3(3) OF THE I . T.ACT . 2. RIVAL CONTENTIONS HAVE BEEN HEARD AND RECORD PERUSED. FACTS IN BRIEF ARE THAT THE ASSESSEE IS A DIRECTOR IN M/S SONAL TRANSPORT PVT. LTD. AND DURING THE YEAR IT DECLARED INCOME FROM SALARY AND HOUSE PROPERTY AND OTHER CONCERNS. DURING THE COURSE OF SCRUTINY ASSESSMENT, THE AO MA DE AN ADDITION OF RS. 20,60,300/ - IN RESPECT OF CASH DEPOSIT IN THE BANK ITA NO. 4374 / 1 3 2 ACCOUNT. THE FACTS LEADING TO ADDITION ARE THAT ON THE BASIS OF AIR INFORMATION, THE AO FOUND THAT THE ASSESSEE HAD DEPOSITED CASH IN THE BANK ACCOUNT AS UNDER : - (I) HDFC BANK RS .15,00,000/ - (II) I CIC I BANK RS.20,60,300/- (III)STATE BANK OF PATIALA RS.22,10, 000/ - TOTAL RS.57,70,300 / - DURING THE COURSE OF THE ASSESSMENT PROCEEDINGS THE ASSESSEE OFFERED THE CASH DEPOSIT OF RS.15,00,000/ - IN H DFC AND RS.22,10,000/ - IN ST ATE BANK OF PATIALA AS HIS INCOME FROM UNEXPLAINED SOURCES VIDE LETTER DATED 20.12.201 1 . AS REGARDS SOURCE OF CASH DEPOSIT OF RS.20,60,300 / - IN THE ICIC I BANK, IT WAS SUBMITTED THAT THE SA ID CASH HAS BEEN DEPOSITED OUT OF THE WITHDRAWALS MADE FROM M/ S. SON A TRANSPORT PVT. LTD WHEREIN THE ASSESSEE WAS A DIRECTOR AND THE EXPENSES WERE INCURRED FROM THE SAID I CL CI BANK A/ C FOR TRIP EXPENSES OF THE D RIVERS OF M/ S. SONA TRANSPORT PVT. LTD. BY GIVING DEBIT CARDS TO THE TRUCK OPERATORS. THE AO HOWEVER DID NOT AGRE E TO THE EXPLANATION OF THE ASSESSEE ON THE GROUNDS THAT SINCE THE ASSESSEE HAS ALREADY ADMITTED THE CASH DEPOSITS IN HDFC BANK & STATE BANK OF PATIALA AS INCOME FROM UNEXPLAINED SOURCES, WHICH SHOWS THAT THE ASSESSEE IS GENERATING CASH FROM UNDISCLOSED SO URCES. THE AO ALSO OBSERVED THAT THE ASSESSEE HAD NOT SHOWN THE ICICI BANK ACCOUNT AS WELL AS HDFC AND STATE BANK OF PATIALA ACCOUNT IN THE RETURN OF INCOME. ACCORDINGLY THE CASH DEPOSIT OF RS. 20,60,300/ - IN THE ICICI BANK ACCOUNT WAS TREATED BY AO AS INC OME FROM UNDISCLOSED SOURCES . 3. BY THE IMPUGNED ORDER, THE CIT(A) DELETED THE ADDITION AFTER HAVING THE FOLLOWING OBSERVATIONS : - ITA NO. 4374 / 1 3 3 3.3 I HAVE CONSIDERED THE ARGUMENTS OF THE LD.AR AND PERUSED THE ASSESSMENT ORDER. FROM THE PERUSAL OF THE ASSESSMENT ORDER , IT IS NOTED THAT THE APPELLANT HAD DULY CLAIMED BEFORE THE AO ALSO THAT THE CASH WERE WITHDRAWN FROM THE COMPANY M/S SONA TRANSPORT PVT. LTD. WHEREIN THE ASSESSEE WAS A MAJOR SHAREHOLDER AND THEN DEPOSITED THE SAME IN THE ICICI BANK ACCOUNT TO MEET THE E XPENDITURE INCURRED BY DRIVERS THROUGH DEBIT CARDS ISSUED TO THEM FROM ICICI BANK A/C IN THE NAME OF APPELLANT. THE CONTENTION OF APPELLANT WAS THAT IT MERELY ACTED AS AN ESCROW OR AGENT FOR MAKING PAYMENT TO DRIVERS ON BEHALF OF THE COMPANY. BUT THE AO IN SPITE OF VERIFYING THIS CONTENTION OF THE ASSESSEE FORM THE BANK ACCOUNT OF THE COMPANY AND BANK ACCOUNT OF THE APPELLANT, BASED HIS CONCLUSION ON THE MERE SUSPICION JUST BECAUSE THE ASSESSEE HAS SURRENDERED CASH DEPOSITS IN OTHER TWO BANK ACCOUNTS AS UND ISCLOSED INCOME AND THAT THE SAID BANK ACCOUNT WAS NOT APPEARING IN THE BALANCE SHEET OF THE ASSESSEE SUBMITTED DURING COURSE OF ASSTT. PROCEEDINGS. BEFORE ME THE LD.AR HAS PRODUCED THE CASH BOOK OF THE COMPANY AS WELL AS THE COPY OF THE BANK STATEMENT OF ICICI BANK WHICH WERE ALSO AVAILABLE BEFORE' THE AO. THE APPELLANT HAS GIVEN THE DATE WISE DETAILS OF AMOUNTS WITHDRAWN FROM THE COMPANY'S CASH BOOK AND THE AMOUNTS DEPOSITED IN THE ICICI BANK ACCOUNT WHICH IS ENCLOSED AS ANNEXURE I TO THIS APPELLATE OR DER. FROM THE SAID ANNEXURE, IT IS VERY CLEAR THAT THE DATES OF WITHDRAWAL FROM THE COMPANY'S CASH BOOK MATCHES WITH DATES OF EQUIVALENT' DEPOSIT OR CASH IN THE ICICL BANK ACCOUNT OF THE ASSESSEE. THE CONTENTION OF THE AO THAT THERE IS A NEGATIVE CASH BALA NCE IN THE CASH BOOK OF THE COMPANY IS NOT CORRECT. HE PRESUMED THE NARRATION IN THE BANK STATEMENT AS 'CHQ PAID - MUMBAI - SION T' WAS BY CHEQUE WHEREAS THE BANK HAS G IVEN CERTIFICATE THAT SAME WAS WITHDRAWAL BY CASH. 'HENCE THERE REMAINS NO DISCREPANCY IN C ASH BOOK OF STPL ALSO AS SUSPECTED BY AO IN ASSTT ORDER. IT IS FURTHER NOTED THAT THE AMOUNT WITHDRAWN FROM, THE COMPANIES CASH BOOK HAS BEEN DULY CONSIDERED IN THE LEDGER ACCOUNT OF THE ASSESSEE IN THE BOOKS OF THE COMPANY. SINCE IT WAS THE CONTENTION OF THE APPELLANT THAT THE AMOUNTS WERE WITHDRAWN FROM COMPANY AND DEPOSITED IN ICICI BANK ACCOUNT IN ORDER TO ENABLE THE DRIVERS TO USE DEBIT CARD ISSUED FORM THE ICICI BANK ACCOUNT OF THE ASSESSEE, THE ASSESSEE WAS ASKED TO GIVE THE LEDGER A/C WHEREIN THE EX PENSES INCURRED THROUGH DEBIT CARDS BY THE ASSESSEE HAS BEEN INCORPORATED IN THE BOOKS OF COMPANY STPL. FROM THE DETAILS GIVEN, IT IS VERIFIED THAT THE EXPENDITURE INCURRED BY THE ASSESSEE ON VARIOUS TRIP EXPENSES AND DIESEL AND OIL OF THE TRUCKS HAVE BEEN DULY CONSIDERED IN THE LEDGER ACCOUNT OF THE ASSESSEE IN THE BOOKS OF THE COMPANY ALSO AND SUCH EXPENSES HAVE BEEN CLAIMED BY THE COMPANY AS A DEDUCTION IN P&L A/C. THUS THERE IS A CLEAR NEXUS BETWEEN THE WITHDRAWALS MADE FROM CASH BOOK OF STPL, ITS DEPOS IT IN ICICI BANK OF APPELLANT, THE EXPENDITURE INCURRED BY APPELLANT FROM ICICI BANK A/C ON BEHALF OF STPL AND THEIR ACCOUNTING IN BOOKS OF COMPANY THEREAFTER. THE AO IN THE ASSESSMENT ORDER HAS NOT AT ALL LOOKED INTO THE VERIFICATION OF THE ENTRIES FROM B OOKS OF COMPANY WHICH COU LD HAVE EASILY PROVED THE CONTENTION OF THE ASSESSEE. THE MERE FACT THAT THE ASSESSEE HAS VOLUNTARILY OFFERED TO TAX THE CASH ITA NO. 4374 / 1 3 4 DEPOSITS IN OTHER TWO BANK ACCOUNTS WILL NOT BY ITSELF PROVE TH AT THE CASH DEPOSITS IN LCICL B ANK ACCOUNT TOO ARE UNEXPLAINED. IT IS W ELL SETTLED PRINCIPLE THAT NO ADD ITION CAN BE MADE ON MERE PRESUMPTION. THE AO BROUGHT NOTHING ON RECORD TO EXCLUSIVELY REBUT THE CONTENTION OF THE ASSESSEE AS FAR AS CASH DEPOSITS OF RS 20,60,300 IN I CICI BANK ACCOUNT ARE CONC ERNED. AS REGARDS THE NON APPEARANCE OF ICICI BANK ACCOUNT IN THE RETURN OF THE ASSESSEE, IT IS THE CONTENTION OF THE APPELLANT THAT NO BALANCE SHEET WAS BEING DRAWN BY THE ASSESSEE AS HE HAS ONLY SALARY INCOME AND THE ICI CI BANK A/ C WAS BEING OPERATED BY ASSESSEE ONLY AS ESCROW AGENT ON BEHALF OF COMPANY. MOREOVER THE CASH DEPOSITS IN I CI CI BANK, ITS UTILIZATION THEREAFTER ARE DULY REFLECTED IN BOOKS OF COMPANY, THEREFORE NO ADVERSE VIEW CAN BE TAKEN EVEN IF IN THE PROVISIONAL BALANCE SHEET GIVEN DURING A SSTT PROCEEDINGS DID NOT REFLECT THE CLOSING BALANCES IN ICICI BANK. HENCE THE ADDITION MADE BY THE A O TO THE EXTENT OF RS.20,60,300 / - IS NOT JUSTIFIED AND THE SAME IS DIRECTED TO BE DELETED. AGAINST THE ABOVE ORDER OF CIT(A), THE REVENUE IS IN APPEAL BE FORE US. 4. WE HAVE CONSIDERED RIVAL CONTENTIONS AND CAREFULLY GONE THROUGH THE ORDERS OF THE AUTHORITIES BELOW. FROM THE RECORD WE FOUND THAT THE ASSESSEE IS A DIRECTOR IN M/S SONA TRANSPORT PVT. LTD.. IN ORDER TO EFFECT PAYMENT OF DRIVER SALARY AND DIESE L ETC., THE ASSESSEE HAS GIVEN DEBIT CARD TO TRUCK OPERATORS. THE MONEY WAS WITHDRAWN FROM THE ACCOUNT OF M/S SONA TRANSPORT PVT. LTD. AND WAS DEPOSITED BY ASSESSEE IN HIS ACCOUNT AT ICICI BANK LTD., ON THE PLEA THAT ASSESSEE IS IN INDIVIDUAL CAPACITY HAS NOT DISCLOSED THIS BANK ACCOUNT IN HIS RETURN OF INCOME. THE AO MADE ADDITION IN RESPECT OF AMOUNT DEPOSITED IN THIS BANK ACCOUNT BY RECORDING A FINDING THAT CASH WAS WITHDRAWN BY ASSESSEE FROM THE COMPANY M/S SONA TRANSPORT PVT. LTD., WHEREIN ASSESSEE WAS A MAJOR SHAREHOLDER AND THE SAME WAS DEPOSITED IN THE ICICI BANK ACCOUNT TO MEET THE EXPENDITURE INCURRED BY DRIVERS THROUGH DEBIT CARD ISSUED TO THEM FROM ICICI BANK ACCOUNT IN THE NAME OF ASSESSEE. THE CIT(A) DELETED THE ADDITION. THE CIT(A) HAS VERIFIE D THE CASH BOOK OF M/S SONA TRANSPORT LTD. AS WELL AS COPY OF THE BANK STATEMENT OF ICICI BANK, WHICH ITA NO. 4374 / 1 3 5 WERE ALSO FILED BEFORE THE AO AND FOUND THAT ASSESSEE HAS GIVEN DATEWISE WITHDRAWAL OF AMOUNT FROM THE COMPANIES CASH BOOK AND THE AMOUNT DEPOSITED IN THE ICICI BANK ACCOUNT. FROM THESE DETAILS IT WAS VERY CLEAR THAT THE DATES OF WITHDRAWAL FROM THE COMPANIES CASH BOOK MATCHES WITH THE DATES OF EQUIVALENT DEPOSITED IN ICICI BANK ACCOUNT OF THE ASSESSEE. A FINDING HAS ALSO BEEN RECORDED TO THE EFFECT THAT TH E AMOUNT WITHDRAWN IN THE COMPANYS CASH BOOKS HAS BEEN DULY CONSIDERED IN THE LEDGER ACCOUNT OF THE ASSESSEE IN THE BOOKS OF COMPANY. THE CIT(A) HAS ALSO RECORDED A FINDING TO THE EFFECT THAT THE EXPENDITURE INCURRED BY ASSESSEE ON VARIOUS TRIPS EXPENSES, DIESEL AND OIL OF THE TRUCKS HAS DULY BEEN CONSIDERED IN THE LEDGER ACCOUNTS OF THE ASSESSEE IN THE BOOK OF THE COMPANY AND ALSO SUCH EXPENSES HAS BEEN CLAIMED BY THE COMPANY BY THE DEDUCTION IN ITS P & L ACCOUNT. THUS, THERE WAS A CLEAR NEXUS BETWEEN WIT HDRAWAL MADE FROM CASH BOOK OF THE COMPANY AND ITS DEPOSIT IN THE ICICI BANK ACCOUNT OF THE ASSESSEE. THE FINDING RECORDED BY THE CIT(A) IS AS PER MATERIAL ON RECORD AND THE SAME HAS NOT BEEN CONTROVERTED BY THE LD. DR BY BRINGING ANY POSITIVE MATERIAL ON RECORD. ACCORDINGLY, WE DO NOT FIND ANY REASON TO INTERFERE IN THE ORDER OF CIT(A) DELETED THE ADDITION MADE ON ACCOUNT OF CASH DEPOSITED IN THE ICICI BANK ACCOUNT WHICH WERE ACTUAL WITHDRAWAL OF THE AMOUNT FROM THE COMPANIES CASH BOOKS. 5 . THE AO ALSO M ADE ADDITION OF RS. 26,11,350/ - ON ACCOUNT OF UNEXPLAINED INVESTMENT IN SHARES OF THE COMPANY M/S SONA TRANSPORT. FACTS IN THIS REGARD ARE THAT ON VERIFICATION OF THE BALAN CE SHEET OF THE COMPANY M/S S ONA TRANSPORT PVT. LTD IT WAS NOTED BY THE AO THAT THE ITA NO. 4374 / 1 3 6 A SSESSEE WAS OWNING 26,113 SHARES OF THE COMPANY AS ON 31/3/2009 VALUED AT RS.26,11,350/ - . HOWEVER IN THE BALANCE SHEET OF THE ASSESSEE FILED DURING THE COURSE OF THE ASSESSMENT PROCEEDINGS, NO SUCH INVESTMENT IN THE SH ARES OF THE COMPANY WAS REFLECTED. VID E LETTER DATED 14.12.2011, IT WAS EXPLAINED BY THE ASSESSEE TH AT THE COMPANY M/ S SONA TRANSPORT PVT. LTD. WAS PROMOTED ORIGINALLY BY HIS RATHER SHRI PAL SINGH SAINI AND AF T ER THE DEATH OF HIS FATHER ALL THE 26,113 SHARES OF THE COMPANY HELD BY FATHER AND F ATHER'S HUF WERE TRANSFERRED IN THE NAME OF THE ASSESSEE. HOWEVER, DUE TO CLERICAL ERROR OF THE ACCOUNTANT, THE SAID SHARES INHERITED BY THE ASSESSEE FROM HIS FATHER WERE NOT REFLECTED IN THE CAPITAL ACCOUNT OF THE ASSESSEE . ACCORDINGLY HE DISBELIEVED THE CONTENTION OF THE ASSESSEE AND ADDED THE SUM OF RS. 26,11,350/ - AS UNDISCLOSED INVESTMENT IN RESPECT OF THE SHARE IN THE COMPANY OWNED BY ASSESSEE. 6 . BY THE IMPUGNED ORDER THE CIT(A) DELETED THE ADDITION AFTER HAVING FOLLOWING OBSERVATION : - . 4.3 I HAVE CONSIDERED' THE ABOVE ARGUMENTS OF THE LD.AR AND PERUSED THE ASSESSMENT ORDER. IT IS 'NOTED THAT WHEN THE APPELLANT VIDE LETTER DATED 14.12.2011 EXPLAINED BEFORE THE AO THAT THE SAID SHARES HAVE BEEN RECEIVED ON INHERITANCE AFTER THE 'DEATH OF THE FATHER AND NO FRESH INVESTMENT HAS BEEN MADE BY THE ASSESSEE, THE AO DID NOT ASK ANY OTHER DETAILS TO CROSS CHECK THE CONTENTION OF THE APPELLANT. DURING THE COURSE OF THE APPELLATE PROCEEDINGS THE LD.AR HAS PRODUCED COPY OF THE SHARE CERTIFICATES WHICH REVEAL TH AT SHARES WERE ORIGINALLY HELD BY FATHER AND IT WAS ONLY ON 1.4.2000 THAT THE SHARES HAVE BEEN ENDORSED BY THE COMPANY IN FAVOUR OF APPELLANT. THE COPY OF THE REGISTER OF SHARES MAINTAINED BY THE COMPANY ALONG WITH THE BOARD'S RESOLUTION DATED 1.4.2000 AGR EEING TO TRANSFER SHARES IN THE NAME OF THE SON DULY SUPPORTS THE CONTENTION OF THE APPELLANT. IT IS FURTHER NOTED THAT EVEN TILL DATE THE TOTAL NUMBER OF SHARES ISSUED BY THE COMPANY IS 29,015 VALUED AT RS 29,015,00/ - WHICH IS SAME SINCE F.Y. 98 - 99 AS EVI DENT FROM THE ANNUAL RETURN FILED BY THE COMPANY UNDER THE COMPANIES ACT. SINCE NO FRESH SHARES HAVE BEEN ISSUED BY THE COMPANY AND THE NUMBER AND PAID UP VALUE OF SHARES PRIOR TO DEATH OF THE FATHER OF THE ITA NO. 4374 / 1 3 7 APPELLANT AND AFTER REMAINS THE SAME, IT PROVES T HAT IT IS THE SAME SHARES WHICH WERE HELD BY THE FATHER, WHICH HAVE NOW BEEN TRANSFERRED IN THE NAME OF THE APPELLANT AND NO FURTHER PAYMENT TO ACQUIRE THESE SHARES HAVE BEEN MADE BY THE APPELLANT. IN FACT THE AO ALSO IN THE ASSESSMENT ORDER HAS NOT MENTIO NED ANYTHING TO SUGGEST THAT THE ASSESSEE HAD MADE ANY PAYMENT FOR ACQUIRING SUCH SHARES DURING THE YEAR. HE HAS DISBELIEVED THE CONTENTION ONLY ON GROUNDS THAT NO DOCUMENTARY EVIDENCE HAS BEEN GIVEN. THERE IS NO EVIDENCE THAT AFTER FURNISHING THE REPLY ON 14/12/2011, THE AO DID ASK THE ASSESSEE TO PRODUCE ANY FURTHER DOCUMENTS BEFORE COMPLETING THE ASSESSMENT ON 23/12/1011. WHEN THE SHARES HAVE BEEN ACQUIRED THROUGH INHERITANCE, WITHOUT PAYING ANY MONEY, THE BALANCE SHEET CAN BE PREPARED WITHOUT SUCH SHARE S CANNOT BE SAID TO BE FAULTY, AS SUSPECTED' BY THE AO. EVEN OTHERWISE SINCE THE SHARES HAVE BEEN ALLOTTED IN THE NA ME OF THE APPELLANT ON 1.4.2000, THERE CAN BE NO CASE FOR MAKING ADDITION OF UNEXPLAINED INVESTMENT IN A.Y. 2009 - 10. CONSIDERING TOTALITY OF FACTS AND CIRCUMSTANCES OF THE CASE, THE CONTENTION OF THE APPELLANT THAT THE SHARES WERE RECEIVED THROUGH INHERITANCE AFTER THE DEATH OF THE FATHER WITHOUT MAKING ANY INVESTMENT BY THE APPELLANT IS CORRE CT AND HENCE ADDITION OF RS.26, 11,350/ - MADE BY TH E AO AS UNEXPLAINED INVESTMENT IS NOT JUSTIFIED AND THE SAME IS DIRECTED TO BE DELETED. 7 . AGAINST THE ABOVE ORDER OF CIT(A), THE REVENUE IS IN APPEAL BEFORE US . FROM THE RECORD WE FOUND THAT T HE AO HAD MADE ADDITION OF RS.26,11,350/ - ON ACCOUNT OF UNEXP LAINED INVESTMENT IN SHARES OF THE COMPANY M/S SONA TRANSPORT BY OBSERVING THAT THESE SHARES WERE NOT SHOWN IN THE BALANCE SHEET OF THE ASSESSEE FILED DURING THE COURSE OF ASSESSMENT PROCEEDING. THE AO, THEREFORE, TREATED THE INVESTMENT AS UNEXPLAINED. FRO M THE RECORD, WE FOUND THAT THE COMPANY M/S SONA TRANSPORT PVT. LTD WAS PROMOTED BY HIS F ATHER SHRI PAL SINGH SAINI AND AF T ER THE DEATH OF HIS FATHER IN THE YEAR 2000, ALL THE 26,113 SHARES OF THE COMPANY HELD BY FATHER AND FATHER'S HUF WERE TRANSFERRED I N THE NAME OF THE ASSESSEE ON 1 ST APRIL, 20 00 I.E. 8 YEARS BACK . THE REGISTER OF THE SHARES MAINTAINED BY THE COMPANY ALONG WITH BOARD RESOLUTION DATED 1 - 4 - 2000 ALSO INDICATING TRANSFER OF SHARES IN THE NAME OF SON. THUS, THE SHARES RECEIVED BY THE ASSESS EE FROM HIS FATHER EIGHT YEARS BACK ON ITA NO. 4374 / 1 3 8 FATHERS DEATH CANNOT BE SAID TO BE UNDISCLOSED INVESTMENT ON ASSESSEE . SINCE THE SHARES WERE RECEIVED AS INHERITANCE AND NO VALUE WAS PAID FOR THE SAME, IT WAS NOT SHOWN IN THE BALANCE SHEET OF THE ASSESSEE FILED DUR ING THE COURSE OF ASSESSMENT PROCEEDINGS. SINCE THERE WAS NO INVESTMENT BY THE ASSESSEE IN THE SHARES OF THE COMPANY EITHER DURING THE YEAR OR IN EARLIER YEAR, THERE IS NO INFIRMITY IN THE ORDER OF CIT(A) FOR DELETING THE ADDITION MADE ON ACCOUNT OF 26,113 SHARES AFTER RECORDING THE DETAILED FINDING AT PARA 4.3 TO THE EFFECT THAT SHARES WERE ACQUIRED BY THE ASSESSEE ON INHERITANCE IN THE YEAR 2000. 8 . IN THE RESULT, APPEAL OF THE REVENUE IS DISMISSED . O RDER PRONOUNCED IN THE OPEN COURT ON THIS 10/04 / 201 5 . SD/ - SD/ - ( ) ( SANJAY GARG ) ( . . ) ( R.C.SHARMA ) / JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI ; DATED 10/04 /201 5 . . /PKM , . / PS / COPY OF THE ORDER FORWARDED TO : / BY ORDER, / ( ASSTT. REGISTRAR) , / ITAT, MUMBAI 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ( ) / THE CIT(A), MUMBAI. 4. / CIT 5. , , / DR, ITAT, M UMBAI 6. / GUARD FILE. //TRUE COPY//
