Chakor Hukumchand Shah, Walchand Nagar V. Dy Commissioner of Income-Tax Central Circle 2(2), Pune

ITA 76/PUN/2021

• Counselvise Citation: [2022] 107 COUNSELVISE.COM (IT) 0415 (ITAT-PUNE)
• Duration Of Justice: 1 year(s) 3 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-07-2022
• Appeal Filed By: Assessee
• Order Result: PartlyAllowed
• Bench Allotted: A
• Assessment Year: 2011-2012
• Appeal Filed On: 16-03-2021
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: PRIYESH S. KHIRAD
• Section: 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH, ‘A’ PUNE BEFORE SHRI R.S. SYAL, VICE PRESIDENT AND SHRI S.S. VISWANETHRA RAVI, JUDICIAL MEMBER आयकर अपील सं. / ITA No.76/PUN/2021 नधा रण वष / Assessment Year : 2011-12 Chakor Hukumchand Shah, New Bazar Peth, Walchand Nagar, Tal. Indapur, Dist. Pune Walchand Nagar- 413 114 PAN : ADXPS1217R Vs. DCIT, Central Circle-2(2), Pune Appellant Respondent आदेश / ORDER PER R.S. SYAL, VP : This appeal by the assessee is directed against the order passed by the CIT(A)-12, Pune on 27-01-2021 in relation to the assessment year 2011-12. 2. Grounds challenging the initiation of re-assessment proceedings were not challenged by the ld. AR. Such grounds, therefore, stand dismissed. Assessee by Shri Priyesh S. Khirad Revenue by Shri Arvind Desai Date of hearing 05-07-2022 Date of pronouncement 05-07-2022 ITA No.76/PUN/2021 Chakor Hukumchand shah 2 3. The only effective issue which survives is against the confirmation of addition u/s.68 of the Act. 4. Briefly stated, the facts of the case are that notice u/s.148 was issued on 15-05-2017 regarding certain escaped income on account of unexplained cash deposits in joint bank account held with Lokmanya Multipurpose Co-operative Society Ltd. in Navi Peth Branch, Pune. The assessee filed return declaring total income at Rs.55,13,382/- in response to the notice. The assessment order was passed u/s.143(3) r.w.s. 147 determining the total income at the same returned income level but by treating the amount of cash deposited in the bank as an income u/s 68 of the Act. The ld. CIT(A) affirmed the decision of the AO. Aggrieved thereby, the assessee has come up in appeal before the Tribunal. 5. Having heard the rival submissions and gone through the relevant material on record, it is seen that the AO initiated re- assessment proceedings by issuing notice u/s.148 on the ground that the assessee deposited cash of Rs.1,41,01,500/- along with other two persons in their joint savings bank account. The assessee offered 1/3 rd share of cash deposited in the return filed ITA No.76/PUN/2021 Chakor Hukumchand shah 3 u/s.148. The AO determined the total income at the same level as was offered in the return of income. It is seen that the appeals of the other two assessees’ in this batch, namely, Saket Chakor Shah and Jyoti Chakor Shah, came up for consideration before the Tribunal. Vide order dated 31-01-2022, the Tribunal in ITA Nos. 77 & 78/PUN/2021, has accepted those assessees’ claim that once the return was filed declaring the income, the AO was not justified in ignoring that return and making similar addition of the income already offered in such return as income u/s.68 of the Act. 6. Both the sides are in agreement that the facts and circumstances of this appeal are similar to the cases already decided by the Tribunal. Following the same reasoning, we overturn the impugned order on this issue. 7. In the result, the appeal is partly allowed. Order pronounced in the Open Court on 05 th July, 2022. Sd/- Sd/- ( S.S. VISWANETHRA RAVI) (R.S.SYAL) JUDICIAL MEMBER VICE PRESIDENT पुणे Pune; िदनांक Dated : 05 th July, 2022 सतीश ITA No.76/PUN/2021 Chakor Hukumchand shah 4 आदेश की ितिलिप अ ेिषत/Copy of the Order is forwarded to: 1. अपीलाथ / The Appellant; 2. 3. थ / The Respondent The CIT(A)-12, Pune 4. 5. The Pr.CIT (Central), Pune DR, ITAT, ‘A’ Bench, Pune 6. गाड फाईल / Guard file. आदेशानुसार/ BY ORDER, // True Copy // Senior Private Secretary आयकर अपीलीय अिधकरण ,पुणे / ITAT, Pune Date 1. Draft dictated on 05-07-2022 Sr.PS 2. Draft placed before author 05-07-2022 Sr.PS 3. Draft proposed & placed before the second member JM 4. Draft discussed/approved by Second Member. JM 5. Approved Draft comes to the Sr.PS/PS Sr.PS 6. Kept for pronouncement on Sr.PS 7. Date of uploading order Sr.PS 8. File sent to the Bench Clerk Sr.PS 9. Date on which file goes to the Head Clerk 10. Date on which file goes to the A.R. 11. Date of dispatch of Order. *