Ashok Kumar, Saharanpur V. ITO, Saharanpur

ITA 6656/DEL/2017

• Counselvise Citation: [2018] 126 COUNSELVISE.COM (IT) 3351 (ITAT-DELHI)
• Duration Of Justice: 4 month(s) 1 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 05-03-2018
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2014-2015
• Appeal Filed On: 03-11-2017
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: V K JIWANI
• Assessee Lawyers: S K KHURANA; VED PRAKASH S SHRI ASHOK KUMAR
• Keywords: Peak credit

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES SMC : DELHI BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER ITA.NO.6656/DEL./2017 ASSESSMENT YEAR 2014-2015 SHRI ASHOK KUMAR, S/O. SHRI MAHAVEER, VILL. & POST TIKROL, TEHSIL RAMPUR MANIHARAN DIST. SAHARANPUR 247 452 PAN BJNPK5713M VS. THE INCOME TAX OFFICER, DEOBAND DISTRICT SAHARANPUR. (APPELLANT) (RESPONDENT) FOR ASSESSEE : SHRI S.K. KHURANA & SHRI VED PRAKASH, ADVOCATES SHRI ASHOK KUMAR, ASSESSEE. FOR REVENUE: SHRI V.K. JIWANI, SR.D.R. DATE OF HEARING : 05.03.2018 DATE OF PRONOUNCEMENT : 05.03.2018 ORDER THIS APPEAL BY ASSESSEE HAS BEEN DIRECTED AGAINST THE ORDER OF THE LD. CIT(A), MUZAFFARNAGAR, DATED 1 6 TH AUGUST, 2017, FOR THE A.Y. 2014-2015. 2. BRIEFLY, THE FACTS OF THE CASE ARE THAT THE ASS ESSEE FILED RETURN OF INCOME AT RS.2,24,140/- AND AGRICUL TURAL INCOME 2 ITA.NO.6656/DEL./2017 SHRI ASHOK KUMAR, SAHARANPUR. AT RS.2,86,000/-. THE CASE WAS SELECTED FOR SCRUTIN Y ASSESSMENT UNDER CASS. THE A.O. NOTED THAT ASSESSEE HAS SHOWN CASH DEPOSITS IN THE BANK ACCOUNT AT RS.62.69 LAKHS. THE A.O. WAS NOT SATISFIED WITH THE EXPLANATION OF THE ASSESSEE. THE A.O. INSTEAD OF MAKING FULL ADDITION OF THE UNE XPLAINED CASH, CONSIDERED THE PEAK CREDIT BALANCE IN THE ACC OUNT OF THE ASSESSEE AT RS.14,40,708/- AS ON 30 TH AUGUST, 2013 AND MADE THE ADDITION OF RS.14,40,708/-. SIMILARLY, ASSESSEE HAS NOT SHOWN INTEREST ON THE FDR, ON WHICH, ADDITION OF RS .58,225/- WAS MADE. THE LD. CIT(A) DISMISSED THE APPEAL OF TH E ASSESSEE. 3. AFTER BRIEF ARGUMENTS, LEARNED COUNSEL FOR THE ASSESSEE WAS NOT ABLE TO EXPLAIN AS TO HOW A.O. COU LD APPLY PEAK CREDIT AND RESTRICT PART ADDITION OF RS.14,40, 708/- INSTEAD OF MAKING FULL ADDITION OF RS.62.69 LAKHS. LEARNED COUNSEL FOR THE ASSESSEE, THEREFORE, PRAYED THAT ASSESSEE MAY B E PERMITTED TO WITHDRAW THE APPEAL. THE LD. D.R. HAS NOT OBJECT ED TO THE SAME. THE ASSESSEE HAS MADE AN ENDORSEMENT TO THE S AME 3 ITA.NO.6656/DEL./2017 SHRI ASHOK KUMAR, SAHARANPUR. EFFECT ON FORM NO.36. IN VIEW OF THE ABOVE, APPEAL OF THE ASSESSEE IS DISMISSED AS WITHDRAWN. 4. IN THE RESULT, APPEAL OF THE ASSESSEE IS DISMIS SED AS WITHDRAWN. ORDER PRONOUNCED IN THE OPEN COURT. SD/- (BHAVNESH SAINI) JUDICIAL MEMBER DELHI, DATED 05 TH MARCH, 2018 VBP/- COPY TO 1. THE APPELLANT 2. THE RESPONDENT 3. CIT(A) CONCERNED 4. CIT CONCERNED 5. D.R. ITAT SMC BENCH, DELHI 6. GUARD FILE. // BY ORDER // ASSISTANT REGISTRAR : ITAT DELHI BENCHES : DELHI.