Sh. Ashok Kumar Gupta, New Delhi V. ACIT, New Delhi

ITA 573/DEL/2014

• Counselvise Citation: 57320114 RSA 2014
• Duration Of Justice: 1 year(s) 4 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-06-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Next Hearing Date: 16-06-2015
• Assessment Year: 2007-2008
• Appeal Filed On: 31-01-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: AMRIT LAL
• Assessee Lawyers: MUKESH GUPTA

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES : SMC : NEW DELHI BEFORE SHRI R.S. SYAL, ACCOUNTANT MEMBER ITA NO.573/DEL/2014 ASSESSMENT YEAR : 2007-08 ASHOK KUMAR GUPTA, 17/83, THAN SINGH NAGAR, ANAND PARBAT, NEW DELHI. PAN : AALPG4014H VS. ACIT, CENTRAL CIRCLE-16, NEW DELHI. (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI MUKESH GUPTA, ADVOCATE DEPARTMENT BY : SHRI AMRIT LAL, JCIT DATE OF HEARING : 16.06.2015 DATE OF PRONOUNCEMENT : 16.06.2015 ORDER THIS APPEAL BY THE ASSESSEE ARISES OUT OF THE ORDE R PASSED BY THE CIT (A) ON 21.10.2013 IN RELATION TO THE ASSESSMENT YEAR 2007-08. 2. THE ONLY ISSUE RAISED IN THIS APPEAL IS AGAINST THE CONFIRMATION OF ADDITION OF RS.5 LAC. ITA NO.573/DEL/2014 2 3. BRIEFLY STATED, THE FACTS OF THE CASE ARE THAT THE ASSESSEE DEPOSITED A SUM OF RS.5 LAC ON 2.9.2006 IN THE SANGLI BANK LT D. ON BEING CALLED UPON TO EXPLAIN THE SOURCE OF THIS DEPOSIT, THE ASS ESSEE STATED BEFORE THE AO THAT HIS WIFE WITHDREW RS.5 LAC FROM HER BANK AC COUNT MAINTAINED WITH THE SANGLI BANK LTD., ON 13.7.2006 WHICH WAS D EPOSITED BY HIM BACK IN HIS ACCOUNT ON 2.9.2006. NOT CONVINCED, TH E AO MADE ADDITION OF RS.5 LAC WHICH CAME TO BE UPHELD IN THE FIRST AP PEAL. 4. I HAVE HEARD THE RIVAL CONTENTIONS AND PERUSED T HE RELEVANT MATERIAL AVAILABLE ON RECORD. IT IS OBSERVED THAT THE ENTIR E CONTROVERSY ROTATES AROUND THE SOURCE OF DEPOSIT OF RS.5 LAC MADE BY TH E ASSESSEE IN HIS BANK ACCOUNT ON 2.9.2006. THE ASSESSEE CATEGORICALLY SU BMITTED BEFORE THE AO THAT EQUAL AMOUNT WAS WITHDRAWN ON 13.7.2006 BY HIS WIFE FROM HER BANK ACCOUNT ON 2.9.2006 WHICH WAS NOT UTILIZED ANY WHERE ELSE AND HENCE THE ASSESSEE RE-DEPOSITED THE SAME AMOUNT IN HIS BANK ACCOUNT ON 2.9.2006. THE LD. CIT(A) OBSERVED THAT THERE WAS A TIME GAP OF MORE THAN ONE MONTH AND NO PRUDENT PERSON WOULD KEEP SUC H AN AMOUNT WITH HIM WITHOUT ANY PURPOSE. IN MY CONSIDERED OPINION, THIS IS NO CRITERIA TO ITA NO.573/DEL/2014 3 DETERMINE THE GENUINENESS OR OTHERWISE OF THE SOURC E OF DEPOSIT. ONCE THE ASSESSEE SUBMITTED BEFORE THE AO THAT A SUM OF RS.5 LAC WAS DEPOSITED BY HIM IN HIS BANK ACCOUNT ON 2.9.2006 OU T OF CASH WITHDRAWAL MADE BY HIS WIFE FROM HER BANK ACCOUNT O N 13.7.2006, IT WAS FOR THE AO EITHER TO ACCEPT THIS EXPLANATION OR SHO W WHERE THIS AMOUNT WAS SPENT BY HIS WIFE. THIS CATEGORICAL CONTENTION MADE BY THE ASSESSEE BEFORE THE AUTHORITIES BELOW ABOUT THE SOURCE OF DE POSIT HAS REMAINED UNCONTROVERTED BY THE AUTHORITIES. AS SUCH, I AM OF THE CONSIDERED OPINION THAT THERE CANNOT BE ANY SCOPE FOR DOUBTING THE SOURCE OF DEPOSIT OF RS.5 LAC MADE BY THE ASSESSEE IN HIS BANK ACCOUN T ON 2.9.2006. RESULTANTLY, I ORDER FOR THE DELETION OF ADDITION. 5. IN THE RESULT, THE APPEAL IS ALLOWED. THE ORDER PRONOUNCED IN THE OPEN COURT ON 16.06.20 15. SD/- [R.S. SYAL] ACCOUNTANT MEMBER DATED, 16 TH JUNE, 2015. DK ITA NO.573/DEL/2014 4 COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT (A) 5. DR, ITAT AR, ITAT, NEW DELHI.