Puja Kashyap Modi , Gurgaon V. ITO, Ward- 3 , Rohtak

ITA 7585/DEL/2018

• Counselvise Citation: [2019] 116 COUNSELVISE.COM (IT) 9772 (ITAT-DELHI)
• Duration Of Justice: 7 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 02-07-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2014-2015
• Appeal Filed On: 30-11-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: S L ANURAGI
• Keywords: Sale consideration of property below Jantri Value; Gift; Salary income; Set aside

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH : SMC : NEW DELHI BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER ITA NO.7585/DEL/2018 ASSESSMENT YEAR: 2014-15 PUJA KASHYAP MODI, CA M.R. SAHU, M SAHU & ASSOCIATES, CAS, HOUSE NO.651, 1 ST FLOOR, SECTOR-10A, NEAR MEENAKSHI PUBLIC SCHOOL, GURGAON. PAN: ANRPM3850C VS. ITO, WARD-3, ROHTAK. (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI M.R. SAHU, CA REVENUE BY : SHRI S.L. ANURAGI, SR. DR DATE OF HEARING : 01.07.2019 DATE OF PRONOUNCEMENT : 02.07.2019 ORDER THIS APPEAL FILED BY THE ASSESSEE IS DIRECTED AGAIN ST THE ORDER DATED 15 TH OCTOBER, 2018 OF THE CIT(A), ROHTAK, RELATING TO ASSESSMENT YEAR 2014-15. 2. ALTHOUGH A NUMBER OF GROUNDS HAVE BEEN RAISED BY THE ASSESSEE, THEY ALL RELATE TO THE ORDER OF THE CIT(A) IN SUSTAINING AN ADDITIO N OF RS.3,50,000/- OUT OF ADDITION OF RS.8,50,000/- MADE BY THE ASSESSING OFFICER U/S 69A OF THE IT ACT. ITA NO.7585/DEL/2018 2 3. FACTS OF THE CASE, IN BRIEF, ARE THAT THE ASSESS EE IS AN INDIVIDUAL AND FILED HER RETURN OF INCOME ON 31 ST JULY, 2014 DECLARING TOTAL INCOME OF RS.3,50,560/- . THE RETURN WAS SELECTED FOR LIMITED SCRUTINY ON ACCOUNT OF LARGE VALUE OF TRANSACTIONS. DURING THE COURSE OF ASSESSMENT PROCEEDINGS, THE AS SESSING OFFICER NOTICED FROM THE BANK ACCOUNT OF THE ASSESSEE THAT THERE ARE HUGE CA SH DEPOSITS IN THE BANK ACCOUNT OF THE ASSESSEE AMOUNTING TO RS.11,21,000/- IN THE TWO BANK ACCOUNTS MAINTAINED BY HER, NAMELY, ICICI BANK RS.6,59,000/- AND HDFC BANK RS.4,32,400/-. AFTER CONSIDERING THE VARIOUS ARGUMENTS ADVANCED BY THE A SSESSEE, THE ASSESSING OFFICER HELD THAT AN AMOUNT OF RS.2,71,000/- IS EXPLAINED A ND HE MADE THE ADDITION OF RS.8,50,000/- TO THE TOTAL INCOME OF THE ASSESSEE B Y INVOKING THE PROVISIONS OF SECTION 69A OF THE IT ACT. 4. IN APPEAL, BEFORE THE LD.CIT(A), THE ASSESSEE RE ITERATED HER ARGUMENTS THAT THE DEPOSITS IN THE TWO BANK ACCOUNTS ARE OUT OF PAST S AVINGS, STHRIDHAN, GIFT FROM FAMILY AND AMOUNT/GIFT GIVEN BY HER HUSBAND ON VARIOUS DAT ES. IT WAS FURTHER EXPLAINED THAT THE VARIOUS EXPLANATIONS GIVEN BY THE ASSESSEE WERE SUMMARILY REJECTED BY THE ASSESSING OFFICER. RELYING ON VARIOUS DECISIONS, I T WAS ARGUED THAT THE ADDITION MADE BY THE ASSESSING OFFICER IS NOT SUSTAINABLE IN LAW. 5. BASED ON THE ARGUMENTS ADVANCED BY THE ASSESSEE AND CONSIDERING THAT THE ASSESSEE WAS EMPLOYED AS A DIRECTOR AND FILING REGU LAR INCOME-TAX RETURNS, THE LD.CIT(A) GRANTED A RELIEF OF RS.5 LAKHS TO THE ASS ESSEE. THUS, HE SUSTAINED AN AMOUNT ITA NO.7585/DEL/2018 3 OF RS.3,50,000/- OUT OF THE ADDITION OF RS.8,50,000 /- MADE BY THE ASSESSING OFFICER U/S 69A OF THE ACT. 6. AGGRIEVED WITH SUCH ORDER OF THE CIT(A), THE ASS ESSEE IS IN APPEAL BEFORE THE TRIBUNAL. 7. I HAVE CONSIDERED THE RIVAL ARGUMENTS MADE BY BO TH THE SIDES AND PERUSED THE ORDERS OF THE AUTHORITIES BELOW AND THE PAPER BOOK FILED ON BEHALF OF THE ASSESSEE. I HAVE ALSO CONSIDERED THE VARIOUS DECISIONS CITED BE FORE ME. FROM THE ORDER OF THE CIT(A), IT IS SEEN THAT THE ASSESSEE WAS EMPLOYED A S A DIRECTOR AND FILING REGULAR INCOME-TAX RETURNS. FOR THE ASSESSMENT YEAR 2014-1 5, THE ASSESSEE HAS DECLARED GROSS SALARY INCOME OF RS.3,18,904/- AND TAXABLE INCOME O F RS.3,50,560/-. SIMILARLY, FOR ASSESSMENT YEAR 2013-14, THE ASSESSEE HAS DECLARED AN INCOME OF RS.3,40,753/- AND TAXABLE INCOME OF RS.2,84,794/-. SIMILARLY, FOR AS SESSMENT YEAR 2012-13, THE ASSESSEE HAS DECLARED A SALARY INCOME OF RS.2,93,016/- AND D ECLARED TAXABLE INCOME OF RS.1,93,016/-. FROM THE PAPER BOOK FILED ON BEHALF OF THE ASSESSEE, IT IS SEEN THAT THE HUSBAND OF THE ASSESSEE HAS DECLARED GROSS TOTAL IN COME OF RS.21,14,675/- FOR ASSESSMENT YEAR 2014-15, GROSS TOTAL INCOME OF RS.1 4,44,368/- FOR ASSESSMENT YEAR 2013-14, AND RS.6,84,348/- FOR ASSESSMENT YEAR 2012 -13. THUS, I FIND MERIT IN THE SUBMISSION OF THE LD. COUNSEL FOR THE ASSESSEE THAT A PART OF THE DEPOSIT WAS ALSO OUT OF THE AMOUNT GIVEN BY THE HUSBAND OF THE ASSESSEE WHO IS A SALARIED EMPLOYEE. SINCE THE LD.CIT(A), ON THE BASIS OF THE INCOME OF THE AS SESSEE HAS DELETED AN AMOUNT OF RS.5 LAKHS FOR WHICH THE REVENUE IS NOT IN APPEAL, THEREFORE, CONSIDERING THE TOTALITY OF ITA NO.7585/DEL/2018 4 THE FACTS OF THE CASE AND CONSIDERING THE SUBSTANTI AL SALARY INCOME DECLARED BY THE HUSBAND OF THE ASSESSEE, THEREFORE, THE SUBMISSION OF THE LD. COUNSEL FOR THE ASSESSEE THAT PART OF THE AMOUNT IS OUT OF THE AMOUNT OF SAV INGS FROM THE AMOUNT GIVEN BY THE HUSBAND OF THE ASSESSEE FOR HOUSEHOLD EXPENSES IS A CCEPTABLE. I, THEREFORE, SET ASIDE THE ORDER OF THE CIT(A) AND DIRECT THE ASSESSING OF FICER TO DELETE THE ADDITION. THE GROUNDS RAISED BY THE ASSESSEE ARE ACCORDINGLY ALLO WED. 8. IN THE RESULT, THE APPEAL FILED BY THE ASS ESSEE IS ALLOWED. THE DECISION WAS PRONOUNCED IN THE OPEN COURT ON 0 2.07.2019. SD/- ( R.K. PANDA) ACCOUNTANT MEMFBE R DATED: 02 ND JULY, 2019 DK COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(A) 5. DR ASSTT. REGISTRAR, ITAT, NEW DELHI