SHRI RAJARAM SHANBHAG, MUMBAI V. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-5(1), MUMBAI

ITA 4720/MUM/2018

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 3650 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 3 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 05-11-2020
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: D
• Assessment Year: 2016-2017
• Appeal Filed On: 03-08-2018
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: MANPREET SINGH DUGGAL
• Keywords: Unexplained investment
• Section: 201; 20

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL D BENCH, MUMBAI BEFORE SHRI SHAMIM YAHYA , AM AND SHRI AMARJIT SINGH, JM / I .T.A. NO.4720 /MUM/201 8 ( / ASSESSMENT YEAR: 20 16 - 17 ) RAJARAM SHANBHAG A - 10, 2 ND FLOOR, KANIKA CHS L TD., DR. RADHAKRISHNAN CROSS ROAD, ANDHERI (E), MUMBAI - 400069 . / VS. DCIT, CENTRAL CIRCLE - 5(1) MUMBAI. ./ ./ PAN/GIR NO. : AMFPS6518N ( / APPELLANT ) .. ( / RESPONDENT ) / DATE OF HEARING: 05 / 11 /20 20 /DATE OF PRONOUNCEMENT: 05 /11 / 20 20 / O R D E R PER AMARJIT SINGH, JM: THIS IS AN APPEAL FILED BY THE ASSESSEE AGAINST TH E ORDER DATED 25 . 05 .201 8 PASSED BY THE COMMISSIONER OF INCOME TAX (APPEALS), 53 MUMBAI [HEREINAFTER REFERRED TO AS THE CIT(A)]. RELEVANT TO THE A.Y. 201 6 - 17 . 2. THE ASSESSEE HAS RAISED THE FOLLOWING GROUNDS.: - 1. ON THE FACTS AND CIRCUMSTANCES OF THE CASE AS WELL AS IN LAW, THE LD. CIT(A) HAS ERRED IN CONFIRMING THE ACTION OF LEARNED ASSESSING OFFICER IN MAKING AN ADDITION OF RS.18,55,000/ - BY TREATING THE JEWELLERY FOUND DURING THE COURSE OF SEARCH AS ALLEGED UNEXPLAINED INVESTMENT, WITHOUT CONSIDERING THE FACTS AND CIRCUMSTANCES OF THE CASE. 2. THE APPELLANT CRAVES LEAVE TO ADD, AMEND, ALTER OR DELETE THE SAID GROUND OF APPEAL. 3 . WHEN THIS APPEAL WAS CALLED OUT FOR HEARING, THE LD. COUNSEL OF THE ASSESSEE SUBMITTED THAT HE HAS FILED THE NECESSARY DECLARATION UNDER DIRECT TAX VIVAD SE VISHWAS ACT, 2020 (ACT 3 OF 2020) AND IS AWAITING FOR FINAL RESOLUTION OF THE MATTER UNDER THE SAID SCHEME. HE SUBMITTED THAT UPON ASSESSEE BY : SHRI VINITA SHAH REVEN UE BY: SHRI MANPREET SINGH DUGGAL (SR. AR) ITA NO. 4720 /M/201 8 A.Y.20 16 - 17 2 COMPLETION OF THE NECESSARY FORMALI TIES, HE WILL WITHDRAW THE APPEAL. IN RESPONSE TO THE SUGGESTION FROM THE BENCH, HE FAIRLY ACCEPTED THAT HE HAS NO OBJECTION TO THE APPEAL BEING DISMISSED AS WITHDRAWN AS LONG AS HIS RIGHT FOR REVIVAL OF THE APPEAL ARE PROTECTED, IN THE EVENT OF, FOR SOME UNFORTUNATE REASON, THE MATTER BEING NOT SETTLED UNDER THE VIVAD SE VISHWAS SCHEME. 4. THE LD. DR ALSO DID NOT OBJECT TO DISGRACE SO SUGGESTED. 5. IN VIEW OF THE ABOVE, WE DISMISS THE APPEAL AS WITHDRAWN, SUBJECT TO BE RIDER THAT IN THE UNLIKELY EVENT OF M ATTER NOT BEING RESOLVED UNDER THE VIVAD SE VISHWAS SCHEME , THE ASSESSEE SHALL HAVE LIBERTY TO APPROACH THE TRIBUNAL FOR RESTORATION OF HIS APPEAL. 6. IN THE RESULT, THE APPEAL IS DISMISSED AS WITHDRAWN SUBJECT TO THE OBSERVATION ABOVE. ORDER PRONOUNCED IN THE OPEN COURT ON 05 / 11 /2020 SD/ - SD / - ( SHAMIM YAHYA ) (AMARJIT SINGH) / ACCOUNTANT MEMBER /JUDICIAL MEMBER MUMBAI; DATED : 05 / 11 / 2020 V IJAY PAL SINGH ( SR.PS ) / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ( ) / THE CIT(A) - 4. / CIT 5. , , / DR, ITAT, MUMBAI 6. / GUARD FILE. / BY ORDER, //TRUE COPY// / /(DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI