GOPAL V GOYAL, MUMBAI V. ASSISTANT COMMISSIONER OF INCOME TAX, 30(1), MUMBAI

ITA 4776/MUM/2017

• Counselvise Citation: [2019] 117 COUNSELVISE.COM (IT) 7110 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 9 month(s) 24 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-04-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: G
• Assessment Year: 2012-2013
• Appeal Filed On: 06-07-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: CHAUDHARY ARUN KUMAR SINGH

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH G, MUMBAI BEFORE SHRI RAJESH KUMAR, ACCOUNTANT MEMBER AND SHRI RAM LAL NEGI, JUDICIAL MEMBER ITA NO.4776/M/2017 ASSESSMENT YEAR: 2012-13 MR. GOPAL V. GOYAL, 1402, B WING, SHAGUN TOWER, FILM CITY ROAD, MALAD (E), MUMBAI 400 097 PAN: AERPG4860R VS. ACIT 30(1), 503, 5 TH FLOOR, C-13, BANDRA KURLA COMPLEX, MUMBAI - 400051 (APPELLANT) (R ESPONDENT) PRESENT FOR: ASSESSEE BY : MR. RASHMIKANT C. MODI, A.R. MS. KETKI RAJESHIRKE, A.R. REVENUE BY : SHRI CHAUDHARY ARUNKUMAR SINGH, D.R . DATE OF HEARING : 25.04.2019 DATE OF PRONOUNCEMENT : 30.04.2019 O R D E R PER RAJESH KUMAR, ACCOUNTANT MEMBER: THE PRESENT APPEAL HAS BEEN PREFERRED BY THE ASSES SEE AGAINST THE ORDER DATED 09.05.2017 OF THE COMMISSIO NER OF INCOME TAX (APPEALS) [HEREINAFTER REFERRED TO AS TH E CIT(A)] RELEVANT TO ASSESSMENT YEAR 2012-13. 2. THE GROUNDS RAISED BY THE ASSESSEE ARE AS UNDER: 1. ON THE FACTS AND CIRCUMSTANCES OF THE APPELLA NT'S CASE AND IN LAW THE LD. COMMISSIONER OF INCOME TAX (APPEALS) ERRED IN CONFI RMING THE ADDITION MADE BY THE LD. AO TO THE EXTENT OF RS. 66,52,7067- BEING C APITAL INTRODUCED IN PROPRIETORSHIP CONCERN. 2. THE APPELLANT CRAVES LEAVES TO ADD, TO AMEND, ALTER, MODIFY AND / OR WITHDRAW ANY OR ALL OF THE ABOVE GROUNDS OF APPEAL, EACH OF WHICH ARE WITHOUT PREJUDICE TO ONE ANOTHER. ITA NO.4776/M/2017 MR. GOPAL V. GOYAL 2 THE APPELLANT PRAYS THIS HON'BLE TRIBUNAL TO DELETE THE ADDITION/DISALLOWANCES MADE BY THE LD. ASSESSING OFFICER, WHICH IS CONFIRMED BY THE LD. COMMISSIONER OF INCOME TAX (APPEALS). 3. THE ONLY ISSUE RAISED IN THE GROUNDS OF APPEAL IS AGAINST THE CONFIRMATION OF ADDITION OF RS.66,52,706/- BEIN G CAPITAL INTRODUCED BY THE ASSESSEE IN THE PROPRIETORSHIP CO NCERN. 4. THE FACTS IN BRIEF ARE THAT THE AO IN THE ASSESS MENT PROCEEDINGS OBSERVED THAT ASSESSEE HAS INTRODUCED C APITAL OF RS.2,86,58,503/- OUT OF WHICH THE ASSESSEE COULD EX PLAIN ONLY RS.2,12,82,797/- AND THUS THE CAPITAL TO THE TUNE O F RS.73,75,706/- REMAINED UNEXPLAINED AND ACCORDINGLY ADDED TO THE INCOME OF THE ASSESSEE. 5. IN THE APPELLATE PROCEEDINGS, THE LD. CIT(A) PAR TLY ALLOWED THE APPEAL OF THE ASSESSEE BY SUSTAINING THE ADDITI ON TO THE EXTENT OF RS.66,52,706/- WHICH REMAINED UNEXPLAINED AND WHICH IS CHALLENGED BY THE ASSESSEE BEFORE THE TRIB UNAL. 6. AFTER HEARING BOTH THE PARTIES AND PERUSING THE MATERIAL ON RECORD, WE OBSERVE THAT THESE ADDITIONS WERE CONFIR MED BY THE LD. CIT(A) WHEN THE ASSESSEE COULD NOT PRODUCE SOUR CE OF THE CAPITAL INTRODUCTIONS. THE LD AR PRAYED BEFORE US THAT THE ASSESSEE HAS ALL THE EVIDENCES TO EXPLAIN THE CAPIT AL INTRODUCTION AND SHOULD BE GIVEN ONE MORE CHANCE TO FILE THE DET AILS QUA THE CAPITAL INTRODUCTION WHICH WAS OPPOSED BY THE LD. D .R. 7. AFTER TAKING INTO CONSIDERATION THE ARGUMENTS OF THE RIVAL PARTIES, WE ARE OF THE VIEW THAT IT WOULD BE IN THE INTEREST OF JUSTICE TO GIVE ONE MORE CHANCE TO EXPLAIN THE SOUR CE OF CAPITAL INTRODUCTIONS TO THE ASSESSEE. ACCORDINGLY, WE RES TORE THE ISSUE ITA NO.4776/M/2017 MR. GOPAL V. GOYAL 3 BACK TO THE FILE OF THE AO WITH THE DIRECTION TO DE CIDE THE SAME AS PER FACTS AND LAW AFTER AFFORDING THE REASONABL E OPPORTUNITY TO THE ASSESSEE. 8. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALL OWED FOR STATISTICAL PURPOSE. ORDER PRONOUNCED IN THE OPEN COURT ON 30.04.2019. SD/- SD/- ( RAM LAL NEGI) (RAJESH KUMAR) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI, DATED: 30.04.2019. * KISHORE, SR. P.S. COPY TO: THE APPELLANT THE RESPONDENT THE CIT, CONCERNED, MUMBAI THE CIT (A) CONCERNED, MUMBAI THE DR CONCERNED BENCH //TRUE COPY// [ BY ORDER DY/ASS TT. REGISTRAR, ITAT, MUMBAI.