Swapan Krishna Paul, Kolkata V. ITO,Ward-52(1), Kolkata, Kolkata

ITA 755/KOL/2012

• Counselvise Citation: [2012] 140 COUNSELVISE.COM (IT) 62130 (ITAT-KOLKATA)
• Duration Of Justice: 1 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 22-06-2012
• Appeal Filed By: Assessee
• Bench Allotted: SMC
• Assessment Year: 2006-2007
• Appeal Filed On: 11-05-2012
• Court: TRIBUNAL
• Department Lawyers: A K PRAMANICK
• Assessee Lawyers: K M ROY
• Keywords: Unexplained cash credit; Opportunity of being heard; Source of fund

Judgement Text

, SMC , IN THE INCOME TAX APPELLATE TRIBUNAL SMC BENCH: KOLKATA () BEFORE , [BEFORE SHRI MAHAVIR SINGH, JM] / I.T.A NO. 755/KOL/2012 !' !' !' !'/ // / ASSESSMENT YEAR: 2006-07 SWAPAN KRISHNA PAUL VS. INCOME-TAX OFFICER, WD- 52(1), KOLKATA (PAN:AHYPP6974F) ($% /APPELLANT ) (&'$%/ RESPONDENT ) DATE OF HEARING: 22.06.2012 DATE OF PRONOUNCEMENT: 22.06.2012 FOR THE APPELLANT: SHRI K. M. ROY FOR THE RESPONDENT: SHRI A. K. PRAMANICK () / ORDER IMMEDIATELY UPON CONCLUSION OF HEARING OF THIS APPE AL ON 22ND JUNE, 2012, THE BENCH PASSED THE FOLLOWING ORDER: 22 ND JUNE, 2012 ASSESSEES APPEAL IS ALLOWED FOR STATISTICAL PURPOS ES AS THE MATTER IS REMANDED BACK TO THE FILE OF AO FOR FRESH ADJUDICAT ION AFTER PROVIDING REASONABLE OPPORTUNITY OF BEING HEARD. ORDER IS PRO NOUNCED IN OPEN COURT. DETAILED ORDER WILL FOLLOW. THIS APPEAL BY ASSESSEE IS ARISING OUT OF ORDER OF CIT(A)-XXXIII, KOLKATA IN APPEAL NO. 154/CIT(A)-XXXIII/ITO WD-52(1)/KOL/08-09 DATED 05.03.2012. ASSESSMENT WAS FRAMED BY ITO, WARD-52(1), KOLKATA U/S.143(3) OF THE INCOM E-TAX ACT, 1961 (HEREINAFTER REFERRED TO AS THE ACT) FOR AY 2006-07 VIDE HIS ORDER DATED 10.1 2.2008. 2. THE ONLY ISSUE IN THIS APPEAL OF ASSESSEE IS AGA INST THE ORDER OF CIT(A) CONFIRMING THE ADDITION OF RS.2 LACS BEING UNEXPLAINED CASH CREDIT . BRIEF FACTS LEADING TO THE ABOVE ISSUE ARE THAT THE AO DURING THE COURSE OF ASSESSMENT PROCEED INGS NOTICED FROM AIR (INFORMATION) THAT THE ASSESSEE HAS MADE INVESTMENT IN HDFC MUTUAL FUN D AMOUNTING TO RS. 2 LACS ON 13.06.2005 IN HDFC PREMIUM MULTI CAP FUNDS, WHICH W AS NOT DISCLOSED IN THE BALANCE SHEET. THE AO FURTHER NOTICED FROM THE BANK STATEMENT OF T HE ASSESSEE THAT IMMEDIATE SOURCE OF FUND WAS OUT OF DEPOSIT OF RS.2,09,000/- MADE IN THE SA ID BANK ACCOUNT THROUGH CHEQUE. IT WAS EXPLAINED BY THE ASSESSEE THAT THIS AMOUNT WAS MADE OUT OF ADVANCED OF RS.2,10,000/- FOR PURCHASING A SMALL HOUSE FROM ONE SHRI KRISHNAPADA GHOSH, WHICH WAS RETURND BACK BY SAID SHRI KRISHNAPADA GHOSH AS THE DEAL COULD NOT MATERI ALISE. AS THESE FACTS COULD NOT BE 2 ITA 755/K/2012 SWAPAN KRISHNA PAUL A.Y. 2006-07 EXPLAINED BEFORE THE AO HE MADE ADDITION OF THIS AM OUNT OF RS. 2 LACS AS UNEXPLAINED. AGGRIEVED, ASSESSEE PREFERRD APPEAL BEFORE CIT(A) W HO CONFIMED THE ACTION OF AO. AGGRIEVED, NOW ASSESSEE IS IN APPEAL BEFORE ITAT. I FIND THAT THE ASSESSEE COULD NOT PRODUCE SHRI KRISHNAPADA GHOSH AND THE RELATED DOCUMENTS FO R WHICH THE ASSESSEE HAS ADVANCED TO SHRI KRISHNAPADA GHOSH AND THE SAME WAS RETURNED BY HIM. IN SUCH AN EVENTUALITY OF THE FACTS AND CIRCUMSTANCES OF THE CASE, I AM OF THE VIEW THAT L ET THIS ISSUE BE EXAMINED BY AO AND IN CASE THE ASSESSEE IS ABLE TO PRODUCE THE EVIDENCE AND SH RI KRISHNAPADA GHOSH BEFORE AO , THE AO WILL ACCORDINGLY DECIDE THE CLAIM OF THE ASSESSEE. APPEAL OF ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. 3. IN THE RESULT, APPEAL OF ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. 4. ORDER PRONOUNCED IN THE OPEN COURT. SD/- , (MAHAVIR SINGH) JUDICIAL M EMBER ( *+ *+ *+ *+) )) ) DATED : 22ND JUNE, 2012 ,- ./ 0 JD.(SR.P.S.) () 1 &2 3(2!4- COPY OF THE ORDER FORWARDED TO: 1 . $% / APPELLANT SHRI SWAPAN KRISHNA PAUL, 85/2, IBRAHI MPUR ROAD, GROUND FLOOR, KOLKATA-700 032. . 2 &'$% / RESPONDENT ITO, WARD-52(1), KOLKATA 3 . ) ( )/ THE CIT(A), KOLKATA 4. 5. ) / CIT KOLKATA 2:; & / DR, KOLKATA BENCHES, KOLKATA '2 &/ TRUE COPY, ()