SANJAY SHIVDAYAL TRIPATHI, MUMBAI V. ITO WD 24(3)(3), MUMBAI

ITA 7243/MUM/2012

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 92442 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 4 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 24-04-2015
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: E
• Next Hearing Date: 20-04-2015
• Assessment Year: 2009-2010
• Appeal Filed On: 06-12-2012
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: LOVE KUMAR
• Keywords: Gift; Peak credit

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL E BENCH, MUMBAI BEFORE S/SHRI B.R.BASKARAN (AM) AND AMIT SHUKLA, (JM) . . , , ./ I.T.A. NO. 7243/ MUM/20 1 2 ( / ASSESSMENT YEAR : 20 0 9 - 10 ) SHRI SANJAY SHIVDAYAL TRIPATHI, 701, RAJRUDRAM, GOLULDHAM ROAD, GOREGAON (E), MUMBAI - 400062 / VS. INCOME TAX OFFICER 24(3)(3), MUMBAI . ( / APPELLANT ) .. ( / RESPONDENT ) ./ ./PAN/GIR NO. : ABDPT7980L / A SSESSEES BY SHRI RAKESH JOSHI / RE VENUE BY SHRI LOVE KUMAR / DATE OF HEARING : 20.4. 201 5 / DATE OF PRONOUNCEMENT : 24. 4 . 201 5 / O R D E R PER B.R. BASKARAN (AM) THE ASSESSEE HAS FILED THIS APPEAL CHALLENGING THE ORDER DATED 27 - 09 - 2012 PASSED BY LD CIT(A) CONFIRMING THE ADDITION OF RS.22,25,700/ - RELATI NG TO AGGREGATE AMOUNT DEPOSITED INTO THE BANK ACCOUNT OF THE ASSESSEE. 2. WE HEARD THE PARTIES AND PERUSED THE RECORD. THE ASSESSING OFFICER RECEIVED AIR INFORMATION TO THE EFFECT THAT THE ASSESSEE HAS DEPOSITED A ITA NO.7243/ MUM/201 2 2 SUM OF RS.22,25,700/ - IN HIS BANK ACCOU NT. BEFORE THE TAX AUTHORITIES THE ASSESSEE SUBMITTED THAT THE SAID DEPOSITS REPRESENT THE AMOUNTS WITHDRAWN IN AN EARLIER OCCASION, GIFTS RECEIVED FROM HIS PARENTS AND BROTHER. SINCE THE SAID EXPLANATION WAS NOT CONVINCING TO THE TAX AUTHORITIES, THE ASS ESSING OFFICER ADDED THE ABOVE SAID AMOUNT AS INCOME OF THE ASSESSEE AND THE SAME WAS ALSO CONFIRMED BY LD CIT(A). 3. AT THE TIME OF HEARING, THE LD A.R INVITED OUR ATTENTION TO THE PAPER BOOK SHOWING THE DETAILS OF DEPOSITS AND WITHDRAWALS MADE INTO THE BANK ACCOUNT. HE ALSO FURNISHED CERTAIN DOCUMENTS IN ORDER TO SUBSTANTIATE THE CLAIM OF RECEIPT OF GIFTS FROM HIS PARENTS AND BROTHER. 4. HOWEVER, WITH REGARD TO THE CLAIM OF DEPOSITING THE MONEY WITHDRAWN EARLIER, WE FIND THE SAID EXPLANATION REASO NABLE ONE, SINCE CONTINUOUS DEPOSITS/WITHDRAWALS WERE FOUND IN THE BANK ACCOUNT. IN SUCH KIND OF SITUATION, THE EARLIER WITHDRAWALS MADE FROM THE BANK MAY EXPLAIN THE SOURCE FOR MAKING SUBSEQUENT DEPOSITS. THE CASH SUMMARY IS PLACED AT PAGE 66 OF THE PAPE R BOOK. A PERUSAL OF THE SAME WOULD SHOW THAT THE ASSESSEE IS HAVING OPENING CASH BALANCE OF RS.8,11,500/ - AND THE PEAK CREDIT OF BALANCE AVAILABLE WAS RS.11,41,500/ - ON 03 - 07 - 2008. HENCE THE INCREMENTAL CASH BALANCE WORKS OUT TO RS.3,30,000/ - . THUS, OU T OF THE PEAK CREDIT BALANCE OF RS.11,41,500/ - , A SUM OF RS.8,11,500/ - PERTAINS TO THE IMMEDIATELY PRECEDING YEAR AND HENCE THE FRESH DEPOSITS MADE DURING THE YEAR WAS ONLY RS.3,30,000/ - . THOUGH THE ASSESSEE HAS EXPLAINED THAT THESE AMOUNTS HAVE BEEN RECE IVED BY HIM AS GIFTS FROM PARENTS AND BROTHER, WE ARE OF THE VIEW THAT THE INCREMENTAL PEAK CREDIT OF RS.3,30,000/ - SHOULD BE ASSESSED AS INCOME OF THE ASSESSEE. ITA NO.7243/ MUM/201 2 3 5. ACCORDINGLY, WE MODIFY THE ORDER OF LD CIT(A) AND DIRECT THE ASSESSING OFFICER TO ASSE SS A SUM OF RS.3,30,000/ - ONLY AS INCOME OF THE ASSESSEE. 6. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS PARTLY ALLOWED. THE AB OVE ORDER WAS PRONOUNCED IN THE OPEN COURT ON 24TH APR , 2015 . 24TH APR , 2015 SD SD ( / AMIT SHUKLA ) ( . . / B.R. BASKARAN) / JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI: 24TH APR ,2015 . . . ./ SRL , SR. PS / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ( ) / THE CIT(A) - CONCERNED 4. / CIT CONCERNED 5. , , / DR, ITAT, MUMBAI CONCERNED 6. / GUARD FILE. / BY ORDER, TRUE COPY (ASSTT. REGISTRAR) , /ITAT, MUMBAI