R Kaarthik Kumaar, Udumalpet V. ITO, Ward -2(4), Tirupur

ITA 81/CHNY/2018

• Counselvise Citation: [2018] 118 COUNSELVISE.COM (IT) 9712 (ITAT-CHENNAI)
• Duration Of Justice: 10 month(s) 29 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-12-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: D
• Assessment Year: 2013-2014
• Appeal Filed On: 05-01-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: B SAGADEVAN
• Assessee Lawyers: N VIJAY KUMAR
• Section: 68

Judgement Text

, / , IN THE INCOME TAX APPELLATE TRIBUNAL D / SMC BENCH, CHENNAI . . . , . '# , % & BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER ./ ITA NO.81/CHNY/2018 ( )( / ASSESSMENT YEAR : 2013-14 SHRI R. KAARTHIK KUMAAR, 1A, A NAGORE POST, POLLACHI ROAD, UDUMALPET 642 205. PAN : AHDPK 1569 N V. THE INCOME TAX OFFICER, WARD 2(4), TIRUPUR. (+,/ APPELLANT) (-.+,/ RESPONDENT) +, / 0 / APPELLANT BY : SHRI N. VIJAY KUMAR, CA -.+, / 0 / RESPONDENT BY : SHRI B. SAGADEVAN, JCIT 1 / 2% / DATE OF HEARING : 26.11.2018 3') / 2% / DATE OF PRONOUNCEMENT : 03.12.2018 / O R D E R PER N.R.S. GANESAN, JUDICIAL MEMBER : THIS APPEAL OF THE ASSESSEE IS DIRECTED AGAINST T HE ORDER OF THE COMMISSIONER OF INCOME TAX (APPEALS)-3, COIMBAT ORE, DATED 16.11.2017 AND PERTAINS TO ASSESSMENT YEAR 2013-14. 2 I.T.A. NO.81/CHNY/18 2. THE ONLY ISSUE ARISES FOR CONSIDERATION IS ADDIT ION MADE BY THE ASSESSING OFFICER UNDER SECTION 68 OF THE INCOM E-TAX ACT, 1961 (IN SHORT 'THE ACT') IN RESPECT OF CREDIT FOUND IN THE BANK ACCOUNT OF THE ASSESSEE. 3. SHRI N. VIJAY KUMAR, THE LD. REPRESENTATIVE FOR THE ASSESSEE, SUBMITTED THAT THE ASSESSEES FRIEND GAVE THE MONEY TO THE ASSESSEE SINCE THERE WAS A FAMILY DISPUTE IN HIS FA MILY. THEREFORE, ACCORDING TO THE LD. REPRESENTATIVE, THE ASSESSEE D EPOSITED THE MONEY RECEIVED FROM HIS FRIEND IN THE BANK ACCOUNT. SUBSEQUENTLY, IT WAS RETURNED TO THE ASSESSEES FRIEND. ACCORDIN G TO THE LD. REPRESENTATIVE, THE ASSESSEE HAS FILED NECESSARY CO NFIRMATION LETTER TO SHOW THAT WHAT WAS DEPOSITED BY THE ASSESSEE IN HIS BANK ACCOUNT IS THE MONEY BELONGING TO HIS FRIEND, HENCE , THERE CANNOT BE ANY ADDITION. THIS ASPECT WAS NOT CONSIDERED BY THE ASSESSING OFFICER. THEREFORE, ACCORDING TO THE LD. REPRESENT ATIVE, THE MATTER MAY BE REMITTED BACK TO THE FILE OF THE ASSESSING O FFICER. 4. WE HEARD SHRI B. SAGADEVAN, THE LD. DEPARTMENTAL REPRESENTATIVE ALSO. ACCORDING TO THE LD. D.R., SI NCE THE ASSESSEE SAYS THAT THE MONEY FOUND IN HIS BANK ACCOUNT WAS R ECEIVED FROM 3 I.T.A. NO.81/CHNY/18 HIS FRIEND FOR TEMPORARY CUSTODY, THE MATTER MAY BE REMITTED BACK TO THE FILE OF THE ASSESSING OFFICER FOR RECONSIDERATI ON. 5. HAVING HEARD THE LD. REPRESENTATIVE FOR THE ASSE SSEE AND THE LD. DEPARTMENTAL REPRESENTATIVE, THIS TRIBUNAL IS OF THE CONSIDERED OPINION THAT THE ASSESSEE NOW CLAIMS BEF ORE THIS TRIBUNAL THAT THE MONEY WAS RECEIVED FROM HIS FRIEN D FOR TEMPORARY CUSTODY SINCE THERE WAS A FAMILY DISPUTED IN THE FA MILY OF HIS FRIEND. THIS ASPECT WAS NOT CONSIDERED BY BOTH THE AUTHORIT IES BELOW. THEREFORE, THIS TRIBUNAL IS OF THE CONSIDERED OPINI ON THAT THE MATTER NEEDS TO BE RECONSIDERED BY THE ASSESSING OFFICER. ACCORDINGLY, ORDERS OF BOTH THE AUTHORITIES BELOW ARE SET ASIDE AND THE ENTIRE ISSUE IS REMITTED BACK TO THE FILE OF THE ASSESSING OFFICER. THE ASSESSING OFFICER SHALL RE-EXAMINE THE MATTER IN TH E LIGHT OF THE MATERIAL THAT MAY BE FILED BY THE ASSESSEE AND THER EAFTER DECIDE THE ISSUE AFRESH IN ACCORDANCE WITH LAW, AFTER GIVING A REASONABLE OPPORTUNITY TO THE ASSESSEE. 6. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. 4 I.T.A. NO.81/CHNY/18 ORDER PRONOUNCED IN THE COURT ON 3 RD DECEMBER, 2018 AT CHENNAI. SD/- SD/- (. '# ) ( . . . ) (A. MOHAN ALANKAMONY) (N.R.S. GANESAN ) % / ACCOUNTANT MEMBER /JUDICIAL MEMBER /CHENNAI, 5 /DATED, THE 3 RD DECEMBER, 2018. KRI. / -267 87)2 /COPY TO: 1. +, /APPELLANT 2. -.+, /RESPONDENT 3. 1 92 () /CIT(A)-3, COIMBATORE 4. PRINCIPAL CIT-3, COIMBATORE. 5. 7: -2 /DR 6. ( ; /GF.