PARESH N. TRIVEDI, MUMBAI V. DCIT CENT. CIR. 8, MUMBAI

ITA 5280/MUM/2016

• Counselvise Citation: [2018] 121 COUNSELVISE.COM (IT) 7358 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 8 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-04-2018
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: Not Allotted
• Assessment Year: 2011-2012
• Appeal Filed On: 24-08-2016
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Search and seizure; Principle of natural justice
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH I, MUMBAI BEFORE SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI RAJESH KUMAR, ACCOUNTANT MEMBER ITA NO.5280/M/2016 ASSESSMENT YEAR: 2011-12 SHRI PARESH N. TRIVEDI, 1062/63 A-WING, CLOVER REGENCY, RAMJI ASHAR LANE, M.G. ROAD, GHATKOPAR (EAST), MUMBAI-400 077 PAN: ABCPT5819R VS. DCIT-CC-8, MUMBAI (APPELLANT) (RE SPONDENT) PRESENT FOR: ASSESSEE BY : NONE REVENUE BY : SHRI SAURABH KUMAR RAI, D.R. DATE OF HEARING : 10.04.2018 DATE OF PRONOUNCEMENT : 27.04.2018 O R D E R PER RAJESH KUMAR, ACCOUNTANT MEMBER: THE PRESENT APPEAL HAS BEEN PREFERRED BY THE ASSES SEE AGAINST THE ORDER DATED 28.06.2016 OF THE COMMISSIONE R OF INCOME TAX (APPEALS) [HEREINAFTER REFERRED TO AS TH E CIT(A)] RELEVANT TO ASSESSMENT YEAR 2011-12. 2. THE VARIOUS GROUNDS RAISED BY THE ASSESSEE ARE A S UNDER: 1. LEARNED A.O./CIT(A) HAS ERRED IN MAKING ADDITIO N OF CASH OF RS.95,600=00 GOLD COIN OF RS. 6,62,600=00 & DIAMOND JEWELLERY OF ABOUT 11.2 CTS OF RS. 2,70,800=00 AGAINST THE PRINCIPLE O F EQUITY & NATURAL JUSTICE & AGAINST THE STATED POSITION OF LAW. 2. LEARNED A.O. / CIT (A) HAS ERRED IN MAKING ADDIT ION OF CASH OF RS.95,600=0. 3. LEARNED A.O./CIT(A) HAS FAILED TO APPRECIATE THA T CASH FOUND WAS WITHDRAWN FROM BANK & RELEASED BY INVESTIGATION DEP T AS EXPLAINED. ITA NO.5280/M/2016 SHRI PARESH N. TRIVEDI 2 4. LEARNED A.O./CIT(A) HAS ERRED IN MAKING ADDITION ON ACCOUNT OF DIAMOND JEWELLERY OF RS. 2,70,800=00. 5. LEARNED A.O. / CIT(A) HAS FAILED TO APPRECIATE T HAT SOURCE OF ACQUISITION WAS FULLY EXPLAINED & DIAMOND JEWELLERY WAS RELEASED BY INVESTIGATION DEPT AS EXPLAINED. 6. LEARNED A.O. / CIT(A) HAS ERRED IN MAKING ADDITI ON ON ACCOUNT OF GOLD COINS OF RS. 6,62,600=00. 7. LEARNED A.O./ CIT (A) HAS FAILED TO APPRECIATE T HAT SOURCE OF GOLD COINS WAS FULLY EXPLAINED. 8. LEARNED A.O./CIT(A) HAS ERRED IN NOT GIVING CRED IT THE 6,62,600=00 PAID TO DD ACCOUNTS DIT FROM THE DATE O F PAYMENT. 9. LOOKING AT ABOVE FACTUAL POSITION YOUR APPELLANT PRAYS YOUR HONOUR TO KINDLY DELETE VARIOUS ADDITIONS MADE BY AG. & OB LIGE. 10. YOUR APPELLANT CRAVES THE LEAVE TO, ADD TO, ALT ER OR AMEND THE GROUNDS OF APPEAL FROM TIME TO TIME. 3. AT THE OUTSET, WE WOULD LIKE TO POINT OUT THAT NE ITHER THE ASSESSEE NOR HIS AUTHORISED REPRESENTATIVE APPEARED BEFORE THE BENCH WHEN THE CASE WAS CALLED UP FOR HEARING. THE CASE WAS FIRST FIXED ON 07.02.18, THEREAFTER ADJOURNED TO 08.03.18. THEREAFTER ON 08.03.18 AT THE REQUEST OF THE COUNS EL OF THE ASSESSEE THE CASE WAS ADJOURNED TO 10.04.18. SINCE THERE IS NO ONE TO REPRESENT THE ASSESSEE, WE ARE DISPOSING O F THE APPEAL AFTER HEARING THE LD. D.R. AND AFTER CONSIDERIN G THE MERITS OF THE CASE. 4. THE FACTS IN BRIEF ARE THAT A SEARCH AND SEIZURE ACTION WAS CARRIED OUT ON M/S. HYDROAIR TECTONICS (PCD) LTD. AN D ITS GROUP COMPANIES AND ITS PROMOTERS. THE ASSESSEE WA S ALSO COVERED UNDER SECTION 132(1) OF THE ACT. DURING TH E COURSE OF SEARCH CASH, GOLD COINS AND DIAMOND JEWELLERY WERE FOUND AND ACCORDINGLY ADDITIONS WERE MADE ON THREE ACCOUN TS NAMELY CASH OF RS.95,600/-, GOLD COIN WORTH RS.6,62,600 /- AND DIAMOND JEWELLERY OF RS.2,72,800/- IN THE ASSESSME NT ITA NO.5280/M/2016 SHRI PARESH N. TRIVEDI 3 FRAMED UNDER SECTION 143(3) VIDE ORDER DATED 06.03.2 013. AGGRIEVED BY THE ORDER OF AO, THE ASSESSEE PREFERRED AN APPEAL BEFORE THE LD. CIT(A) WHO AFTER CONSIDERING THE SUBMISSIONS AND CONTENTIONS OF THE ASSESSEE PASSED ORDER DISMISSING THE APPEAL OF THE ASSESSEE. DURING THE COURSE OF HEARING NOTHING HAS BEEN BROUGHT BEFORE US TO CONTR OVERT THE FINDINGS OF THE LD. CIT(A) WHICH OTHERWISE APPEAR T O BE CORRECT AND REASONABLE. AFTER HEARING THE LD. D.R. AN D CONSIDERING THE FACTS ON RECORD AND MERITS OF THE C ASE, WE FIND THAT THE LD. CIT(A) HAS PASSED A REASONED ORDER AND WE ARE INCLINED TO AFFIRM THE SAME. 5. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS DISMI SSED. ORDER PRONOUNCED IN THE OPEN COURT ON 27.04.2018. SD/- SD/- (SAKTIJIT DEY) (RAJESH KUMAR) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI, DATED: 27.04.2018. * 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 ORD ER DY /ASSTT. REGISTRAR, ITAT, MUMBAI.