SHRI DEVENDRA SHARMA, Jaipur V. ACIT, Alwar

ITA 781/JPR/2011

• Counselvise Citation: 78123114 RSA 2011
• Duration Of Justice: 2 month(s) 16 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-11-2011
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Next Hearing Date: 09-11-2011
• Assessment Year: 2002-2003
• Appeal Filed On: 02-09-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: D K MEENA
• Keywords: Unexplained investment
• Section: 153A; 144

Judgement Text

1 ITA 781-11 IN THE INCOME TAX APPELLATE TRIBUNAL JAIPUR BENCH SMC JAIPUR BEFORE SHRI R.K. GUPTA, JUDICIAL MEMBER ITA NO. 781/JP/2011 ASSTT. YEAR : 2002-03. SHRI DEVENDRA SHARMA VS. THE ACIT, CENTRAL CIRCLE , 1994, SHYAM BHAWAN, IV CROSSING, ALWAR. KHEJARO KA RASTA, CHANDPOLE BAZAR, JAIPUR. (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI MANISH AGARWAL RESPONDENT BY : SHRI D.K. MEENA DATE OF HEARING : 09.11.2011 DATE OF PRONOUNCEMENT : 18.11.2011 ORDER DATE OF ORDER : 18/11/2011. PER R.K. GUPTA, J.M. THIS IS AN APPEAL BY ASSESSEE AGAINST THE ORDER OF LD. CIT (A) RELATING TO ASSESSMENT YEAR 2002-03. 2. THE ASSESSEE IS OBJECTING IN CONFIRMING THE ADDI TION OF RS. 10,040/- MADE ON ACCOUNT OF UNEXPLAINED INVESTMENT IN HOUSE. 3. ASSESSMENT IN THIS CASE WAS COMPLETED UNDER SECT ION 144 READ WITH SECTION 153A OF THE IT ACT. AN ADDITION OF RS. 59,120/- AND RS. 1,25,450/- WAS MADE ON ACCOUNT OF UNEXPLAINED INVESTMENT IN HOUSE PROPERTY. 2 4. AS OBSERVED BY AO, AS PER THE PURCHASE DEED OF H OUSE PROPERTY REGISTERED ON 18.4.2001 IN WHICH ASSESSEE HAS 1/3 RD SHARE HAS BEEN PURCHASED FOR RS. 4,00,000/-. PURCHASE CONSIDERATION OF RS. 3,90,000/- HAS BEEN P AID IN THE YEAR PRECEDING TO THE YEAR UNDER CONSIDERATION. DEED OF PROPERTY WAS REGISTERE D IN THE YEAR UNDER CONSIDERATION AND AO WAS OF THE VIEW THAT ASSESSEE HAS PAID IN CASH A N AMOUNT OF RS. 59,120/-. THE AO FURTHER NOTED THAT ASSESSEE HAS RECEIVED UNSECURED LOAN OF RS. 60,000/- IN CASH FROM FOUR PERSONS DURING THE YEAR. THE AO NOTED THAT SINCE T HE LOAN OF RS. 60,000/- TAKEN IN CASH DURING THE YEAR WAS NOT AVAILABLE WITH THE ASSESSEE FOR EXPENSES OF RS. 59,120/-, THEREFORE, HE MADE AN ADDITION OF THIS AMOUNT. SIM ILARLY, AN ADDITION OF RS. 1,25,450/- WAS ALSO WORKED OUT. 5. DETAILED SUBMISSIONS WERE FILED BEFORE THE LD. C IT (A), WHO AFTER CONSIDERING THE SUBMISSIONS AND PERUSING THE MATERIAL ON RECORD, DE LETED THE ADDITION OF RS. 1,25,450/-. 6. OUT OF ADDITION OF RS. 59,120/-, THE LD. CIT (A) DELETED THE AMOUNT OF RS. 49,080/- BY ACCEPTING THE EXPLANATION OF THE ASSESSEE. HOWE VER, HE SUSTAINED AN ADDITION OF RS. 10,040/- BY NOT ACCEPTING THE EXPLANATION OF THE AS SESSEE. 7. AFTER CONSIDERING THE SUBMISSIONS AND PERUSING T HE MATERIAL ON RECORD, I FIND THAT THE ADDITION IS ALSO LIABLE TO BE DELETED. THE LD. CIT (A) WAS SATISFIED WITH THE CASH BOOK MAINTAINED BY ASSESSEE IN RESPECT TO THE AMOUNT OF RS. 49,080/-. IN THE SAID CASH BOOK THERE WAS FURTHER CASH AVAILABLE WITH THE ASSESSEE WHICH WAS MORE THAN RS. 10,000/-. HOWEVER, AO & AND LD. CIT (A) HAVE NOT ACCEPTED THE AMOUNT TO THE EXTENT OF RS. 10,040/-. SINCE FROM THE SAME CASH BOOK THE CASH W AS AVAILABLE WITH THE ASSESSEE WHICH 3 WAS MORE THAN RS. 10,000/-, THEREFORE, THERE IS NO REASON IN NOT ACCEPTING THE SAME. ACCORDINGLY, I DELETE THE ADDITION OF RS. 10,040/- SUSTAINED BY LD. CIT (A). 8. IN THE RESULT, APPEAL OF THE ASSESSEE IS ALLOWED . 9. THE ORDER IS PRONOUNCED IN THE OPEN COURT ON 18. 11.2011. SD/- ( R.K. GUPTA ) JUDICIAL MEMBER JAIPUR, D/- COPY FORWARDED TO :- SHRI DEVENDRA SHARMA, JAIPUR. THE ACIT, CENTRAL CIRCLE, ALWAR. THE CIT (A) THE CIT THE D/R GUARD FILE (ITA NO. 781/JP/2011) BY ORDER, AR ITAT JAIPUR.