MS.NEENA SUNIL SHAH , MUMBAI V. ITO, WARD-18(2)(4), MUMBAI

ITA 5168/MUM/2019

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 0244 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 4 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-12-2020
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2014-2015
• Appeal Filed On: 07-08-2019
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: AGAINST TH E DATED PASSED
• Keywords: Unexplained investment; Principle of natural justice
• Section: 201; 68; 69

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, MUMBAI BEFORE SHRI RAJESH KUMAR, AM AND SHRI AMARJIT SINGH, JM / I .T.A. NO. 5168 / MUM/ 201 9 ( / ASSESSMENT YEAR: 20 14 - 15 ) MS. NEENA SUNIL SHAH 84, 14 TH FLOOR, DARYAMAHAL, B - 80, NEAPEA N SEA ROAD, MUMBAI - 400006 . / VS. ITO, WARD - 18(2)(4) ROOM NO.303, 3 RD FLOOR, EARNEST HOUSE, NCPA MARG, NARIMAN POINT, MUMBAI - 400021. ./ ./ PAN/GIR NO. : ADDPJ 9899 C ( / APPELLANT ) .. ( / RESPONDENT ) / DATE OF HEARING: 23 / 1 2 / 20 20 /DATE OF PRONOUNCEMENT: 23 / 1 2 / 20 20 / O R D E R PER AMARJIT SINGH, JM: THIS IS AN APPEAL FILED BY THE ASSESSEE AGAINST TH E ORDER DATED 29 . 0 7 .201 9 PASSED BY THE COMMISSIONER OF INCOME TAX (APPEALS), 29 MUMBAI [HEREINAFTER REFERRED TO AS THE CIT(A)]. RELEVANT TO THE A.Y. 2014 - 15 . 2. THE ASSESSEE HAS RAISED THE FOLLOWING GROU NDS.: - I. THE ORDER DATED 29.07.2019 BEARING NO. CIT(A) - 29/IT - 615/ITO - 18(2)(4)/2016 - 17 BY CIT(A) - 29, MUMBAI IS ARBITRARY, AGAINST NATURAL JUSTICE, UNLAWFUL, AGAINST THE PROVISIONS OF INCOME TAX ACT, 1961, INVALID AND THEREFORE, LIABLE TO BE QUASHED. 2. ON FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW THE CIT(A) HAS ERRED IN CONFIRMING ADDITION MADE U/S 68 OF THE ASSESSEE B Y : NONE REVENUE BY: MS. USHA GAIKWAD (DR) ITA NO. 5168 /M/201 9 A.Y.20 14 - 15 2 I. T. ACT, 1961 AMOUNTING TO RS.66,75,735/ - ON ACCOUNT OF LONG TERM CAPITAL GAIN CLAIMED BY THE APPELLANT AS UNEXPLAINED INVESTMENT. 3. ON FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW THE CIT(A) HAS ERRED IN CONFIRMING ADDITION MADE U/S 69 OF THE I. T. ACT, 1961 AMOUNTING TO RS.2,00,272/ - ON ACCOUNT OF 3% COMMISSION PAID FOR THE BOGUS TRANSACTIONS BY THE APPELLANT AS UNEXPLAINED EXP ENDITURE. 4. ON FACTS AND IN THE CIRCUMSTANCES OF THE CASE AND IN LAW THE CIT(A) HAS ERRED IN ENHANCING THE INCOME OF THE APPELLANT BY RS.10,20,000/ - WITHOUT ANY BASIS. 5. THE APPELLANT CRAVES TO ALTER, ADD, DELETE, SUBSTITUTE, OR MODIFY AND OTHER GROUNDS 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 MATTE R UNDER THE SAID SCHEME. HE SUBMITTED THAT UPON COMPLETION OF THE NECESSARY FORMALITIES, 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 LO NG 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 COURSE SO SUGGESTED. 5 . IN VIEW OF THE ABOVE, WE DIS MISS THE APPEAL AS WITHDRAWN, SUBJECT TO BE RIDER THAT IN THE UNLIKELY EVENT OF MATTER NOT BEING RESOLVED UNDER THE ITA NO. 5168 /M/201 9 A.Y.20 14 - 15 3 VIVAD SE VISHWAS SCHEME , THE ASSESSEE SHALL HAVE LIBERTY TO APPROACH THE TRIBUNAL FOR RESTORATION OF HIS APPEAL. 6 . IN THE RESULT, THE APPEA L IS DISMISSED AS WITHDRAWN SUBJECT TO THE OBSERVATION ABOVE. ORDER PRONOUNCED IN THE OPEN COURT ON 23 / 1 2 /2020 SD/ - SD/ - ( RAJESH KUMAR ) (AMARJIT SINGH) / ACCOUNTANT MEMBER / JUDICIAL MEMBER MUMBAI; DATED : 23 / 12 / 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