Shri Rajeev Kumar Jain, Burdwan V. ITO, Ward - 1(3), Durgapur, Durgapur

ITA 688/KOL/2011

• Counselvise Citation: [2011] 140 COUNSELVISE.COM (IT) 54732 (ITAT-KOLKATA)
• Duration Of Justice: 7 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-12-2011
• Appeal Filed By: Assessee
• Bench Allotted: SMC
• Assessment Year: 2007-2008
• Appeal Filed On: 06-05-2011
• Court: TRIBUNAL
• Department Lawyers: R GUPTA
• Section: 143(3)

Judgement Text

, SMC , IN THE INCOME TAX APPELLATE TRIBUNAL SMC BENCH: K OLKATA () BEFORE , ) [BEFORE SRI MAHAVIR SINGH, JM] / I.T.A NO. 688/KOL/2011 !' !' !' !'/ // / ASSESSMENT YEAR: 2007-08 SHRI RAJEEV KUMAR JAIN VS. INCOME-TAX OFFICER, WD -1(3), DURGAPUR (PAN-ACFPJ 9860 Q) ($% /APPELLANT ) (&'$%/ RESPONDENT ) DATE OF HEARING: 08.12.2011 DATE OF PRONOUNCEMENT: 08.12.2011 FOR THE APPELLANT: SHRI SUBHAS AGARWAL FOR THE RESPONDENT: SHRI R. GUPTA () / ORDER THIS APPEAL BY ASSESSEE IS ARISING OUT OF ORDER OF CIT(A), DURGAPUR IN APPEAL NO . 75 / CIT(A)/DGP/2009-10 DATED 28.02.2011. ASSESSMENT WAS FRAMED BY ITO, WARD-1(3), DURGAPUR U/S. 143(3) OF THE INCOME TAX ACT, 1961 (HEREINAFTE R REFERRED TO AS THE ACT) FOR ASSESSMENT YEAR 2007-08 VIDE HIS ORDER DATED 30.12.2009. 2. THE ONLY ISSUE IN THIS APPEAL OF ASSESSEE IS AGA INST THE ORDER OF CIT(A) CONFIRMING THE ADDITION OF RS. 3 LACS MADE BY ASSESSING OFFICER ON ACCOUNT OF UNEXPLAINED LOAN. FOR THIS, ASSESSEE RAISED FOLLOWING GROUND NO.1: FOR THAT ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE, THE LD. CIT(A) WAS NOT JUSTIFIED IN CONFIRMING THE ADDITION OF RS.3,00,000 /- MADE BY THE A.O. ON ACCOUNT OF UNSECURED LOAN BY WRONGLY TREATING THE SAME AS UNDI SCLOSED MONEY OF THE ASSESSEE. 3. I HAVE HEARD RIVAL SUBMISSIONS AND GONE THROUGH FACTS AND CIRCUMSTANCES OF THE CASE. AT THE OUTSET, THE LD. COUNSEL FOR THE ASSESSEE STA TED THAT THE ASSESSEE DURING THE YEAR UNDER CONSIDERATION TOOK LOAN OF RS. 3,00,000/- FROM ONE SHRI AMIT KR. JAIN, A CLOSE RELATIVE, BY ACCOUNT PAYEE DEMAND DRAFT. THE ASSESSEE FURNISHED COPIES OF P&L ACCOUNT, BALANCE SHEET, I. T. RETURNS, BANK STATEMENT FOR FY 2006-07 RELEVANT TO ASSESSMENT YEAR 2007-08 ALONG WITH CONFIRMATION FROM SHRI AMIT KR. JAIN. BEFORE US IT WAS CONTENDED THAT NEITHER THE ASSESSING OFFICER NOR CIT(A) HAS PROPERLY APPRAISED THE FACTS REGARDING THIS LOAN OF RS. 3 LACS AS THE ASSESSEE IN HIS RETURN OF INCOME FOR ASSESSMENT YEA R 2006-07 HAS DISCLOSED UNSECURED ADVANCES GIVEN TO VARIOUS PARTIES WHICH WERE RETURN ED TO THE ASSESSEE IN THE RELEVANT YEAR IN CASH AND DEPOSITED THE SAME AMOUNT IN THE BANK ACCO UNT AMOUNTING TO RS. 1.50 LACS ON EACH OF THE OCCASIONS ON 26.08.2006 AND 28.08.2006. AS THE SE FACTS WERE NOT VERIFIED BY THE LOWER 2 ITA 688/K/2011 SHRI RAJEEV KUMAR JAIN A.Y.07-08 AUTHORITIES, WE CANNOT DECIDE THIS ISSUE AT THIS LE VEL. HENCE, WE RESTORE THE ISSUE TO THE FILE OF ASSESSING OFFICER FOR FRESH VERIFICATION AS PER LAW . APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. 4. IN THE RESULT, APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. 5. ORDER IS PRONOUNCED IN OPEN COURT. SD/- , (MAHAVIR SINGH) JUDICIAL M EMBER ( *+ *+ *+ *+) )) ) DATED : 8 TH DECEMBER, 2011 ,- ./ 0 JD.(SR.P.S.) () 1 &2 3(2!4- COPY OF THE ORDER FORWARDED TO: 1 . $% / APPELLANT SHRI RAJEEV KUMAR JAIN, TULSYAN BUILDIN G, SEARSOLE, RAJBARI, RANIGANJ, DIST. BURDWAN, PIN-713 358 2 &'$% / RESPONDENT, ITO, WARD-1(3), DURGAPUR 3 . ) ( )/ THE CIT(A), DURGAPUR 4. ) / CIT, DURGAPUR 5 . ;< & / DR, KOLKATA BENCHES, KOLKATA '2 &/ TRUE COPY, ()=/ BY ORDER, / /ASSTT. REGISTRAR .