ITO, New Delhi V. Sh. Harish Goel, New Delhi

ITA 610/DEL/2014

• Counselvise Citation: [2017] 130 COUNSELVISE.COM (IT) 7139 (ITAT-DELHI)
• Duration Of Justice: 2 year(s) 11 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 06-01-2017
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 05-10-2016
• Assessment Year: 2007-2008
• Appeal Filed On: 03-02-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: AMRIT LAL
• Keywords: Peak credit
• Section: 144

Judgement Text

BEFORE THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH C , NEW DELHI BEFORE SHRI J. SUDHAKAR REDDY, ACCOUNTANT MEMBER AND SMT. BEENA A PILLAI, JUDICIAL MEMBER ITA NO. 610 /DEL/2014 AY: 200 7 - 08 ITO, WARD 34(4) VS. SH. HARISH GOEL NEW DELHI C 7/218, YAMUNA VIHAR NEW DELHI 110 053 PAN: ACXPG 0418 R (APPELLANT) (RESPONDENT) APPELLANT BY : SH. AMRIT LAL, SR.D.R. RESPONDENT BY : NONE. ORDER PER J. SUDHAKAR REDDY, A.M. THIS IS AN APPEAL FILED BY THE REVENUE DIRECTED AGAINST THE ORDER OF THE LD.CIT(APPEALS) - XXVII, NEW DELHI DATED 21.11.2013 PERTAINING TO THE A.Y. 2007 - 08. NONE APPEARED ON BEHALF OF THE ASSESSEE DESPITE ISSU AL OF NOTICE. HENCE WE DISPOSE OF THE CASE EX PARTE ON MERITS AFTER HEARING THE LD.SR.D.R. 2. HEARD SHRI AMRIT LAL, LD.SR.D.R. ON BEHALF OF REVENUE. 3. FACTS: - THE ASSESSEE IS AN INDIVIDUAL AND FILED HIS RETURN OF INCOME ON 7.3.2008 DECLARING INCOME OF RS.1,60,180/ - . THE ASSESSING OFFICER (A.O.) PASSED AN ORDER U/S 144 OF THE INCOME TAX ACT, 1961 (THE ACT) ON 23.12.2009 AND MADE AN ADDITION OF RS.48,72,671/ - BEING UNEXPLAINED CASH DEPOSITS IN BANK. THE ASSESSEE HAD A SA VING BANK ACCOUNT WITH CENTURIAN BANK OF PUNJAB LTD. CHANDNI CHOWK, NEW DELHI. THE ENTIRE CASH DEPOSITS MADE BY THE ASSESSEE IN THIS ACCOUNT AS WELL AS THE BANK INTEREST OF RS.57,000/ - WAS ADDED. THE ASSESSEE CARRIED THE MATTER IN APPEAL. THE FIRST APPELLATE AUTHORITY CONSIDERED THE E XPLANATION OF THE ASSESSEE AND ITA 610/DEL/14 A.Y. 2007 - 08 ITO VS. HARISH GOEL 2 HELD THAT THE ASSESSEE IS NOT HAVING ANY PROPER EXPLANATION. THE EXPLANATION OF THE ASSESSEE THAT THE CASH DEPOSITS ARE FROM SALE PROCEEDS ONLY AND NO FURTHER ADDITION TO HIS INCOME IS REQUIRED WAS REJECTED. AFTER CONSIDER ING THE TURNOVER OF THE ASSESSEE, THE FIRST APPELLATE AUTHORITY SUSTAINED THE ADDITION ONLY TO THE EXTENT OF THE PEAK CREDIT. IN OTHER WORDS TELESCOPING BENEFIT WAS GIVEN FOR THE CASH WITHDRAWALS AND CASH DEPOSITS. WE FIND NO INFIRMITY IN THIS ORDER OF THE FIRST APPELLATE AUTHORITY. HENCE WE UPHOLD THE ORDER OF THE LD.CIT(A) AND DISMISS THIS APPEAL OF THE REVENUE. 4. IN THE RESULT THE APPEAL FILED BY THE REVENUE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 06 TH JANUARY, 2017. S D / - S D / - (BEENA A PILLAI ) (J.SUDHAKAR REDDY) JUDICIAL MEMBER ACCOUNTANT M EMBER DATED: THE 06 TH JANUARY, 2017 *MANGA ITA 610/DEL/14 A.Y. 2007 - 08 ITO VS. HARISH GOEL 3 COPY OF THE ORDER FORWARDED TO: 1. APPELLANT; 2.RESPONDENT; 3.CIT; 4.CIT(A); 5.DR; 6.GUARD FILE BY ORDER ASST. REGISTRAR