Sarvesh Jain, Gurgaon V. ITO, Ward- 4(1), Gurgaon

ITA 669/DEL/2018

• Counselvise Citation: [2018] 119 COUNSELVISE.COM (IT) 0955 (ITAT-DELHI)
• Duration Of Justice: 9 month(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-11-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2014-2015
• Appeal Filed On: 30-01-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: S L ANURAGI
• Assessee Lawyers: MANOJ GARG

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH SMC , NEW DELHI BEFORE S H. N. K. BILLAIYA , ACCOUNTANT MEMBER ITA NO. 669 /DEL/201 8 ASSESSMENT YEAR: 2014 - 15 SARVESH JAIN, GA - 10A, GROUND FLOOR, RAHEJA SQUARE, IMT MANESAR, GURGAON - 12205 0 PAN AEZP J9781L VS ITO WARD - 4(1) GURGAON (APPELLANT) (RESPONDENT) APPELLANT BY SH. MANOJ GARG, CA RESPONDENT BY SH. S.L. ANURAGI, SR. DR DATE OF HEARING: 26 /11 /2 0 18 DATE OF PRONOUNCEMENT: 27 / 1 1 /2018 ORDER PER N. K. BILLAIYA, AM: T HIS APPEAL BY THE ASSESSEE IS PREFERRED AGAINST THE ORDER OF THE CIT(A) - 1 , GURGAON DATED 16.11.2017 PERTAINING TO A. Y. 2014 - 15 . 2 2. THE ONLY GRIEVANCE OF THE ASSESSEE IS THAT THE CIT(A) ERRED IN CONFIRMING THE ADDITION OF RS.3,05,610/ - . 3. BRIEF LY STATED THE FACTS OF THE CASE ARE THAT DURING THE COURSE OF SCRUTINY ASSESSMENT PROCEEDINGS THE ASSESSING OFFICER NOTICED THE CASH DEPOSITS IN THE BANK ACCOUNT OF THE ASSESSEE. THE ASSESSING OFFICER FOUND THAT THE ASSESSEE HAS BEEN DEPOSITING CASH IN HI S BANK ACCOUNT AND THEREAFTER HE IS TRANSFERRING THE SAME TO LIC COMPANIES. HOWEVER, THE ASSESSING OFFICER NOTICED THAT CASH OF RS.827450/ - WAS NOT REMITTED / TRANSFERRED TO LIC COMPANIES. HE ACCORDINGLY MADE THE ADDITION OF RS.827450/ - . 4. THE ASSESSE E CARRIED THE MATTER BEFORE THE CIT(A) AND FURNISHED THE CASH FLOW STATEMENT EXPLAINING THE CASH DEPOSIT IN THE BANK ACCOUNT , THE CIT(A) WAS CONVINCED WITH THE SOURCE OF DEPOSIT TO THE EXTENT OF RS.5,21,820/ - AND CONFIRMED THE BALANCE OF RS.305,610/ - . 5. BEFORE ME THE COUNSEL SUBMITTED THAT THIS AMOUNT IS NOTHING BUT OPENING CASH IN HAND AS EXPLAINED IN THE BALANCE SHEET OF THE ASSESSEE. IT IS THE SAY OF THE COUNSEL THAT ASSESSEE IS MAINTAINING REGULAR BOOKS OF ACCOUNTS AND THEREFORE, OPENING CASH IN HAND SHOULD HAVE BEEN CONSIDERED. THE DR POINTED OUT THAT OPENING CASH IN HAND IS RS.305010/ - WHEREAS THE ADDITIONS SUSTAINED BY THE CIT(A) IS RS.305,610/ - 3 6. I HAVE CAREFULLY GONE THROUGH THE ORDERS OF THE AUTHORITIES BELOW. THERE IS NO DISPUTE THAT THE A SSESSEE IS MAINTAINING REGULAR BOOKS OF ACCOUNTS. IT IS ALSO NOT IN DISPUTE THAT IN THE BALANCE SHEET FOR Y E AR ENDING 31.03.2013 , THE CASH IN HAND IS RS.305,010/ - . THE DISPUTED AMOUNT IS RS.3 , 05,610/ - . I N MY CONSIDERED OPINION THIS MUST HAVE COME OUT FRO M THE OPENING CASH IN HAND WHICH EXPLAIN THE CASH DEPOSITED IN THE SAVINGS BANK ACCOUNT. I ACCORDINGLY SET ASIDE THE FINDINGS OF THE CIT(A) AND DIRECT THE ASSESSING OFFICER TO DELETE THE ADDITION. 7 . IN THE RESULT, THE APPEAL IS FILED BY THE ASSESSEE I S ALLOWED. ORDER P RONOUNCED IN THE OPEN COURT ON 27 . 1 1 . 2 018. SD/ - ( N. K. BILLAIYA ) A CCOUNTANT MEMBER * NEHA* DA TE: - 27 . 1 1 .2018 COPY FORWARDED TO: 1 . APPELLANT 2 . RESPONDENT 3 . CIT 4 . CIT(APPEALS) 5 . DR: ITAT ASSISTANT REGISTRAR ITAT NEW DELHI 4 DATE OF DICTATION 26.11.2018 DATE ON WHICH THE TYPED DRAFT IS PLACED BEFORE THE DICT ATING MEMBER DATE ON WHICH THE TYPED DRAFT IS PLACED BEFORE THE OTHER MEMBER DATE ON WHICH THE APPROVED DRAFT COMES TO THE SR.PS/PS DATE ON WHICH THE FAIR ORDER IS PLACED BEFORE THE DICTATING MEMBER FOR PRONOUNCEMENT DATE ON WHICH THE FAIR ORDER COMES BACK TO THE SR. PS/ PS DATE ON WHICH THE FINAL ORDER IS UPLOADED ON THE WEBSITE OF ITAT DATE ON WHICH THE FILE GOES TO THE BENCH CLERK DATE ON WHICH FILE GOES TO THE HEAD CLERK. THE DATE ON WHICH FILE GOES TO THE ASSISTANT REGISTRAR FOR SIGN ATURE ON THE ORDER DATE OF DISPATCH OF THE ORDER 5