Nadeem Islam, Uttar Pradesh V. ITO, Moradabad

ITA 588/DEL/2016

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 7165 (ITAT-DELHI)
• Duration Of Justice: 5 month(s) 6 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 11-07-2016
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: SMC 1
• Next Hearing Date: 11-07-2016
• Assessment Year: 2009-2010
• Appeal Filed On: 04-02-2016
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Section: 80C

Judgement Text

INCOME TAX APPELLATE TRIBUNAL DELHI BENCH SMC-I: NEW DELHI BEFORE SHRI P.K.BANSAL, ACCOUNTANT MEMBER ITA NO.:- 588/DEL /2016 ASSESSMENT YEAR: 2009-10 NADEEM ISLAM MOH. JAMA MASJID WARD NO.6, JOYA, AMROHA UTTAR PRADESH PAN APOPM9094H VS. ITO WARD-1(1) MORADABAD (APPELLANT) (RESPONDENT) O R D E R PER P.K. BANSAL, A. M. THIS APPEAL HAS BEEN FILED BY THE ASSESSEE AGAINST THE ORDER OF THE LD. CIT(A) DATED 23.11.2015 NONE APPEARED ON BEHALF OF THE ASSESSEE NEITHER ANY APPLICATION FOR ADJOURNMENT WAS SENT EV EN THOUGH THE NOTICE WAS SENT THROUGH REGISTERED AD. ON THE EARLI ER DATE ALSO NONE APPEARED ON BEHALF OF THE ASSESSEE. I THEREFORE PRO CEEDED TO DISPOSE OFF THE APPEAL AFTER HEARING THE LD. DR. ASSESSEE BY : NONE DEPARTMENT BY : SHRI DEEPAK GARG, SR. D R DATE OF HEARING 11/07 /2016 DATE OF PRONOUNCEMENT 11 /07 /2016 ITA NO. 588/DEL/2016 2 2. THE ONLY ISSUE INVOLVED IN THE VARIOUS GROUN DS OF APPEAL TAKEN BY THE ASSESEE IS TREATING THE SUM OF RS. 75,46,953/- DEPOSITED BY THE ASSESSEE AS PART OF THE SALES AND ESTIMATING THE IN COME THEREON @ 5% AND NOT ALLOWING THE CREDIT TO THE ASSESEE IN RESPE CT OF THE NET PROFIT SHOWN BY THE ASSESSEE AMOUNTING TO RS. 1,56,298/-. 3. I HAVE HEARD THE LD. DR AND CAREFULLY CONS IDERED THE SUBMISSIONS MADE BY HIM. I NOTED THAT IN THIS CASE THE ASSESEE HAS FILED THE RETURN OF INCOME OF RS. 1,53,360/- SUBSEQUENTLY IT WAS NOT ICED BY THE AO THAT THE ASSESSEE HAS DEPOSITED A SUM OF RS. 75,46,953/- IN THE ICICI BANK AFTER GIVING AN OPPORTUNITY TO THE ASSESSEE. THE AO TREATED THE SAID SUM TOBE THE TOTAL TURN OVER OF THE ASSESSEE FROM THE B USINESS AND ESTIMATED THE NET PROFIT @ 5% AMOUNTING TO RS. 3,77,347/- AFT ER ALLOWING THE DEDUCTION TO THE ASSESSEE U/S 80C . THE TOTAL INCOM E WAS ASSESSED AT RS. 3,74,050/-. IN MY VIEW MISTAKE HAS BEEN COMMITT ED BY THE AO THAT HE DID NOT ALLOW THE CREDIT TO THE AASSESEE IN RESP ECT OF THE INCOME SHOWN BY THE ASSESEE AMOUNTING TO RS. 1,56,298/- FR OM THE SAID VERY BUSINESS WHILE ESTIMATING THE NET PROFIT AT RS. 3,7 7,347/-. THE AO SHOULD HAVE REDUCED THE NET PROFIT BY THE NET PROFI T RETURNED BY THE ASSESSEE AMOUNTING TO RS. 1,56,298/-. I ACCORDINGLY SET ASIDE THE ORDER OF THE LD. CIT(A) AND DIRECT THE AO TO REDUCE THE N ET PROFIT AS ESTIMATED ITA NO. 588/DEL/2016 3 BY HIM BY RS. 1,56,298/- WHICH HAS BEEN RETURNED BY THE ASSESSEE. ACCORDINGLY THE APPEAL OF THE ASSESSEE IS PARTLY AL LOWED. 4. IN THE RESULT APPEAL FILED BY THE ASSESSEE IS PARTLY ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 11/07/2016. SD/ - (P.K. BANSAL) ACCOUNTANT MEMBER DATED: 11/07/2016 VEENA COPY FORWARDED TO 1. APPLICANT 2. RESPONDENT 3. CIT 4. CIT (A) 5. DR:ITAT ASSISTANT REGISTRAR ITAT, NEW DELHI