Nimesh H.Shah, Dahod V. The ACIT.,Cent.Circle-1, Baroda

ITA 767/AHD/2010

• Counselvise Citation: 76720514 RSA 2010
• Duration Of Justice: 2 year(s) 2 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-05-2012
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2007-2008
• Appeal Filed On: 11-03-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DINESH CHANDRA SHARMASR

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD A BENCH AHMEDABAD BEFORE SHRI MUKUL KR. SHRAWAT , JUDICIAL MEMBER AND SHRI T.R. MEENA, ACCOUNTANT MEMBER ITA NO. 767/AHD/2010 ASSESSMENT YEAR :2007-08 NIMESH H SHAH, 1, AMRUTWADI, YAMUNA NIVAS, STATION ROAD, DAHOD V/S . ACIT, CENTRAL CIRCLE-1, BARODA PAN NO. A H NPS3397L (APPELLANT) .. (RESPONDENT) BY APPELLANT SHRI SAKAR SHARMA, A.R. /BY RESPONDENT SHRI DINESH CHANDRA SHARMA,SR. D .R. /DATE OF HEARING 16.05.2012 /DATE OF PRONOUNCEMENT 31.05.2012 O R D E R PER : T.R.MEENA, ACCOUNTANT MEMBER THIS IS APPEAL ARISES OUT OF ORDER OF CIT(A)-IV, A HMEDABAD, ORDER DATED 30.12.2009 FOR ASSESSMENT YEAR 2007-08. THE EFFECT IVE GROUND OF APPEAL IS AS UNDER:- 1. LD. CIT (A) ERRED ON FACTS AND IN LAW IN CONFIR MING ADDITION OF RS. 21,000/- MADE BY THE ASSESSING OFFICER ON AC COUNT OF MATURITY OF TAX SAVINGS BONDS WITHOUT APPRECIATING THAT THIS ITA NO. 767/AHD/2010 A.Y.2007-08 PAGE 2 AMOUNT REPRESENTED MATURITY OF NSCS AND NOT TAX SAV ING BONDS. 2. THE FIRST GROUND IS AGAINST THE ADDITION OF RS. 21,000/- ON ACCOUNT OF MATURITY OF TAX SAVINGS BONDS. THE A.O. OBSERVED T HAT THE ASSESSEE HAS SHOWN IN CAPITAL ACCOUNT CREDIT OF RS. 51,000/-, WH ICH WAS CLAIMED BY THE ASSESSEE BEFORE THE A.O. AS REDUMPTION OF BOND BUT NO EVIDENCE WAS SUBMITTED. THEREFORE, HE MADE THE ADDITION OF RS. 51,000/- 3. BEING AGGRIEVED BY THE ORDER OF A.O., THE ASSESS EE FILED FIRST APPEAL BEFORE LD. CIT(A)-IV, AHMEDABAD, WHO HAS PASSED ORD ER ON 30.12.2009. IN PARAGRAPH NO. 2.2, HE FINALLY DELETED THE ADDITION OUT OF THIS ABOVE ADDITION OF RS. 30,000/- AND REMAINING AMOUNT OF RS. 21,000/- W AS CONFIRMED BY HIM. 4. NOW THE ASSESSEE IS IN APPEAL BEFORE US. LEARNE D COUNSEL FOR THE ASSESSEE HAS FILED THE PAPER BOOK AND ARGUED THAT T HIS HAS BEEN EXPLAINED BEFORE THE A.O. AND THIS WAS THE AMOUNT RECEIVED FR OM THE ENCASHMENT ON NSC WHICH HAS BEEN CONSIDERED BY THE ASSESSEE IN DI SCLOSURE CHART. THEREFORE, NO ADDITION IS REQUIRED. 5. THE LD. D.R. VEHEMENTLY RELIED ON THE ORDER OF L D. CIT(A). 6. WE HAVE PERUSED THE ORDERS OF AUTHORITIES BELOW AND THE VERIFY THE DISCLOSURE CHART WHERE NSC OF RS. 51,000/- HAS BEEN CONSIDERED FOR DISCLOSURE IN ASSESSEES CASE. THEREFORE, THE ADDI TION MADE BY THE A.O. IS NOT JUSTIFIED, ACCORDINGLY SAME IS DELETED. 7. IN RESULT, THE APPEAL IS ALLOWED. ORDER PRONOUNCED IN OPEN COURT ON THE DATE MENTIONE D ITA NO. 767/AHD/2010 A.Y.2007-08 PAGE 3 HEREINABOVE AT CAPTION PAGE. SD/- SD/- ( MUKUL KR. SHRAWAT) (T.R. MEENA) JUDICIAL MEMBER ACCOUNTANT MEMBER TRUE COPY S.K.SINHA ! ! ! ! '! '! '! '! / COPY OF ORDER FORWARDED TO:- 1. / APPELLANT 2. / RESPONDENT 3. '(' ) * / CONCERNED CIT 4. *- / CIT (A) 5. !./ ), ) , 12( / DR, ITAT, AHMEDABAD 6. /45 67 / GUARD FILE. BY ORDER/ , 8/ 1 ': ) , 12( ; STRENGTHEN PREPARATION & DELIVERY OF ORDERS IN THE ITAT 1) DATE OF TAKING DICTATION 28.05.2012 2) DIRECT DICTATION BY MEMBER STRAIGHT ON COMPUTER/LAPTOP/DRAGON DICTATE XXXX 3) DATE OF TYPING & DRAFT ORDER PLACE BEFORE MEMBER 29.05.2012 4) DATE OF CORRECTION 29.05.2012 5) DATE OF FURTHER CORRECTION 6) DATE OF INITIAL SIGN BY MEMBERS 31.05.2012 7) ORDER UPLOADED ON 8) ORIGINAL DICTATION PAD HAS BEEN ENCLOSED IN THIS FILE YES 9) FINAL ORDER AND 2 ND COPY SEND TO BENCH CLERK ON