Vishrut C. Pathak, HUF, Ahmedabad V. ITO, Ward-5(2)(3), Ahmedabad

ITA 66/AHD/2018

• Counselvise Citation: [2018] 126 COUNSELVISE.COM (IT) 5851 (ITAT-AHMEDABAD)
• Duration Of Justice: 2 month(s) 12 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-03-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2014-2015
• Appeal Filed On: 04-01-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SAURABH SINGH
• Assessee Lawyers: JAMIN GANDHI
• Keywords: Application of stay
• Section: 143(3)

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL SMC BENCH, AHMEDABAD BEFORE SHRI RAJPAL YADAV, JUDICIAL MEMBER AND SHRI AMARJIT SINGH, ACCOUNTANT MEMBER STAY PETITION NO.19/AHD/2018 WITH ITA.NO.66/AHD/2018 / ASSTT.YEAR : 2014-15 VISHRUT C. PATAK HUF 5, PANCHVATI SOCIETY AMBAWADI-II, LANE, AMBAWADI AHMEDABAD. PAN : AAHHV 9926 M VS ITO, WARD - 5(2)(3) AHMEDABAD. / (APPELLANT) / (RESPONDENT) ASSESSEE BY : SRI JAMIN GANDHI, AR REVENUE BY : SHRI SAURABH SINGH, DR / DATE OF HEARING : 16/03/2018 / DATE OF PRONOUNCEMENT: 16/03/2018 !'/ O R D E R PER RAJPAL YADAV, JUDICIAL MEMBER PRESENT STAY PETITION IS DIRECTED AT THE INSTANCE O F ASSESSEE FOR GRANT OF STAY OF OUTSTANDING DEMAND OF RS.5,17,432/-. 2. IT EMERGES OUT FROM RECORD THAT THE ASSESSEE HAS FILED HIS RETURN OF INCOME DECLARING TOTAL INCOME AT RS.3,40,740/- AND ASSESSMENT ORDER WAS PASSED UNDER SECTION 143(3) ON 13.12.2016 DETERMINI NG TAXABLE INCOME OF THE ASSESSEE AT RS.20,85,300/- WHICH HAS GIVEN RISE TO A DEMAND OF RS.6,24,675/- ITA NO.66/AHD/2018 WITH STAY PETITION 2 INCLUDING INTEREST CHARGED UNDER SECTIONS 234A, 234 B AND 234C OF THE INCOME TAX ACT. 3. WITH THE ASSISTANCE OF THE LD.REPRESENTATIVES, W E HAVE GONE THROUGH THE RECORD CAREFULLY. AFTER CONSIDERING SMALLNESS OF I SSUES INVOLVED IN THIS APPEAL, WE DEEM IT APPROPRIATE TO TAKE UP APPEAL OF THE ASSESSEE FOR HEARING ALONG WITH STAY APPLICATION. 4. IT EMERGES OUT FROM THE RECORD THAT MAJOR ADDITI ONS MADE TO THE INCOME OF THE ASSESSEE WAS RS.10,37,087/- AND RS.5,93,724/ -. AS FAR AS ADDITION OF RS.10,37,087/- IS CONCERNED, CONTENTIONS OF THE LD. COUNSEL FOR THE ASSESSEE IS THAT IT REPRESENTS INVESTMENT IN MANNAPURAM FINANCE NCD FOR WHICH BANK ACCOUNT OUGHT TO BE DEBITED TO UNIT ACCOUNTS INSTEA D CREDITED TO THE CAPITAL ACCOUNT. SIMILARLY, WITH REGARD TO ADDITION OF RS. 5,93,724/- IS CONCERNED, IT RELATES TO RECONCILIATION OF THE STOCK OF SHARES IN THE OPENING STOCK VIS--VIS CLOSING STOCK. ON AN ANALAYSIS OF THESE DETAILS, W E ARE SATISFIED THAT IT IS A FACTUAL ISSUE WHICH REQUIRES TO RECONCILE WITH BANK STATEMENT AND OTHER DETAILS, AND THEREFORE, WE DEEM IT APPROPRIATE TO S ET ASIDE ALL ISSUES RAISED IN THE APPEAL OF THE ASSESSEE TO THE FILE OF THE AO FO R RE-ADJUDICATION. THE ASSESSEE IS AT LIBERTY TO SUBMIT ANY DETAILS IN SUP PORT OF ITS EXPLANATION/DEFENCE. THE LD.AO SHALL ADJUDICATE AL L FOUR ADDITIONS WHICH HE HAS MADE TO THE INCOME OF THE ASSESSEE. 5. IN THE RESULT, APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSE AND STAY PETITION IS DISPOSED IN TERMS INDICATED AB OVE. ORDER PRONOUNCED IN THE COURT ON 16 TH MARCH, 2018 AT AHMEDABAD. SD/- SD/- ( AMARJIT SINGH ) ACCOUNTANT MEMBER (RAJPAL YADAV) JUDICIAL MEMBER AHMEDABAD; DATED 16 /03/2018