Sh. Shashi Kant Sharma, New Delhi V. ITO, New Delhi

ITA 6750/DEL/2014

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 97217 (ITAT-DELHI)
• Duration Of Justice: 8 month(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-09-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC 1
• Next Hearing Date: 13-08-2015
• Assessment Year: 2009-2010
• Appeal Filed On: 12-12-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: GARIMA JAIN SENIOR
• Assessee Lawyers: VED JAIN; ASHISH GOEL S

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL DELHI DELHI DELHI DELHI BENCH BENCH BENCH BENCH SMC SMC SMC SMC- -- -1 11 1 : NEW DELHI : NEW DELHI : NEW DELHI : NEW DELHI BEFORE SHRI G.C. GUPTA BEFORE SHRI G.C. GUPTA BEFORE SHRI G.C. GUPTA BEFORE SHRI G.C. GUPTA, VICE , VICE , VICE , VICE PRESIDENT PRESIDENT PRESIDENT PRESIDENT ITA NO ITA NO ITA NO ITA NO . .. . 67 6767 67 50 5050 50 /DEL/2014 /DEL/2014 /DEL/2014 /DEL/2014 ASSESSMENT YEAR ASSESSMENT YEAR ASSESSMENT YEAR ASSESSMENT YEAR : : : : 2009 2009 2009 2009 - -- - 10 1010 10 SHRI SHASHI KANT SHARMA, SHRI SHASHI KANT SHARMA, SHRI SHASHI KANT SHARMA, SHRI SHASHI KANT SHARMA, 9008/15, 2 9008/15, 2 9008/15, 2 9008/15, 2 ND NDND ND FLOOR, FLOOR, FLOOR, FLOOR, DESH BANDHU GUPTA ROAD, DESH BANDHU GUPTA ROAD, DESH BANDHU GUPTA ROAD, DESH BANDHU GUPTA ROAD, PAHAR GANJ, PAHAR GANJ, PAHAR GANJ, PAHAR GANJ, DELHI DELHI DELHI DELHI 110 110 110 110 055. 055. 055. 055. PAN : PAN : PAN : PAN : BJIPS0337N. BJIPS0337N. BJIPS0337N. BJIPS0337N. VS. VS. VS. VS. INCOME TAX OFFICER, INCOME TAX OFFICER, INCOME TAX OFFICER, INCOME TAX OFFICER, WARD WARD WARD WARD- -- -39(4), 39(4), 39(4), 39(4), NEW DELHI. NEW DELHI. NEW DELHI. NEW DELHI. (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI VED JAIN AND SHRI ASHISH GOEL, ADVOCATES. RESPONDENT BY : MS. GARIMA JAIN, SENIOR DR. DATE OF HEARING : 13.08.2015 13.08.2015 13.08.2015 13.08.2015 DATE OF PRONOUNCEMENT : 08.09.2015 08.09.2015 08.09.2015 08.09.2015 ORDER ORDER ORDER ORDER THIS APPEAL BY THE ASSESSEE FOR THE ASSESSMENT YEA R 2009-10 IS DIRECTED AGAINST THE ORDER OF LEARNED CIT(A)-XXVIII , NEW DELHI DATED 29 TH AUGUST, 2014. 2. THE EFFECTIVE GROUND OF APPEAL OF THE ASSESSEE R EADS AS UNDER:- 4 (I) ON THE FACTS AND CIRCUMSTANCES OF THE CASE, THE LEARNED CIT(A) HAS ERRED BOTH ON FACTS AND IN LAW I N CONFIRMING THE ADDITION OF RS.2,75,000/- MADE BY AO ON ACCOUNT OF CASH DEPOSITS IN BANK. (II) THAT THE ADDITION HAS BEEN CONFIRMED BY ARBITR ARILY REJECTING THE EXPLANATION AND EVIDENCES BROUGHT ON RECORD BY THE ASSESSEE. 3. LEARNED COUNSEL FOR THE ASSESSEE SUBMITTED THAT THE ASSESSEE HAS FILED STATEMENT OF AFFAIRS BEFORE THE ASSESSING OFFICER AND THE ITA-6750/DEL/2014 2 LEARNED CIT(A) WHICH COVERS THE DEPOSITS OF THE ASS ESSEE WITH NEHA WUDHLAM PVT.LTD., SARVODHYA VEENERS AND SHREE RAM T RADING CO. HE SUBMITTED THAT THE ASSESSEE IS AN OLD INCOME TAX AS SESSEE WITH THE DEPARTMENT WITH OPENING CAPITAL AND OPENING STOCK A LSO. HE REFERRED TO THE COPY OF THE RELEVANT DOCUMENTS INCLUDING THE BANK ACCOUNT OF THE ASSESSEE AND ALSO THE STATEMENT OF AFFAIRS AND STATEMENT OF ACCOUNTS FOR THE PERIOD ENDING 31.03.2009 FILED IN THE COMPILATION BEFORE THE TRIBUNAL. 4. LEARNED DR SUBMITTED THAT THE ASSESSEE COULD NOT PROVE THE SOURCE OF CASH DEPOSIT MADE BY THE ASSESSEE WITH TH E AFORESAID THREE PARTIES. SHE RELIED ON THE ORDER OF THE ASSESSING OFFICER AND THE LEARNED CIT(A). 5. I HAVE CONSIDERED THE RIVAL SUBMISSIONS AND HAVE PERUSED THE ORDER OF THE AO AND THE LEARNED CIT(A). I FIND THA T IN THE STATEMENT OF AFFAIRS OF THE ASSESSEE FOR THE RELEVANT PERIOD, TH E DEPOSITS WITH THE THREE DEBTOR PARTIES WERE CLEARLY COVERED UNDER THE HEAD LOANS AND ADVANCES. THE ASSESSEE BEING OLD INCOME TAX ASSES SEE WITH OPENING STOCK AS WELL AS OPENING CAPITAL, I FIND NO BASIS T O SUSTAIN THE ADDITION MADE BY THE DEPARTMENT ON ACCOUNT OF DEPOSITS OF TH E ASSESSEE WITH THE ABOVE MENTIONED THREE PARTIES. ACCORDINGLY, TH E ADDITION IS DELETED AND THE GROUND OF APPEAL NO.4 OF THE ASSESS EE IS ALLOWED. 6. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALL OWED. DECISION PRONOUNCED IN THE OPEN COURT ON 8 TH SEPTEMBER, 2015. SD/- (G. (G. (G. (G. C. GUPTA C. GUPTA C. GUPTA C. GUPTA ) )) ) VICE PRESIDENT VICE PRESIDENT VICE PRESIDENT VICE PRESIDENT VK. ITA-6750/DEL/2014 3 COPY FORWARDED TO: - 1. APPELLANT : SMT. SUNITA SHARMA, SMT. SUNITA SHARMA, SMT. SUNITA SHARMA, SMT. SUNITA SHARMA, 4/6, DESH BANDHU GUPTA ROAD, PAHAR GANJ, 4/6, DESH BANDHU GUPTA ROAD, PAHAR GANJ, 4/6, DESH BANDHU GUPTA ROAD, PAHAR GANJ, 4/6, DESH BANDHU GUPTA ROAD, PAHAR GANJ, DELHI DELHI DELHI DELHI 110 055. 110 055. 110 055. 110 055. 2. RESPONDENT : INCOME TAX OFFICER, INCOME TAX OFFICER, INCOME TAX OFFICER, INCOME TAX OFFICER, WARD WARD WARD WARD- -- -39(4), NEW DELHI. 39(4), NEW DELHI. 39(4), NEW DELHI. 39(4), NEW DELHI. 3. CIT 4. CIT(A) 5. DR, ITAT ASSISTANT REGISTRAR