SHRI MOTI RAM PRAJAPAT, Jaipur V. DCIT, Ajmer

ITA 810/JPR/2011

• Counselvise Citation: 81023114 RSA 2011
• Duration Of Justice: 1 month(s) 29 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-11-2011
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: B
• Next Hearing Date: 09-11-2011
• Assessment Year: 2007-2008
• Appeal Filed On: 19-09-2011
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: D K MEENA
• Assessee Lawyers: VARUN BANSAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCH, S.M.C., JAIPUR (BEFORE SHRI R.K.GUPTA) ITA NO.810/JP/11 ASSESSMENT YEAR : 2007-08 SHRI MOTI RAM PRAJAPAT, VS. THE D.C.I.T., KISHANGARH. CIRCLE-1, AJMER. (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI VARUN BANSAL 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 CIT(A) FO R THE ASSESSMENT YEAR 2007-08. 2. BRIEF OF THE CASE ARE THAT THE AO OBSERVED THAT CASH DEPOSITS OF RS.13,06,100/- HAVE BEEN MADE IN BANK ACCOUNT OF APPELLANT MAINTAINED WITH I DBI, KISHANGARH BRANCH DURING THE YEAR. THE DEPOSITS HAVE BEEN MADE IN AMOUNTS VARYING FROM RS.10,000/- TO RS.1,50,000/- FROM VARIOUS PLACES. THE AMOUNTS DEPOSITED IN SUCH MANNER HAVE B EEN WITHDRAWN WITHIN SHORT SPAN OF TIME. EVEN THOUGH NO EXPLANATION WAS FURNISHED BY APPELLA NT REGARDING SOURCE OF THESE DEPOSITS, AO TREATED THE SAME AS SALE PROCEEDS AND ESTIMATED INC OME ON THE SALE BY APPLYING 20% RATE OF PROFIT. THUS INCOME OF APPELLANT WAS ASSESSED AT RS .2,61,220/-. 3. CIT(A) CONFIRM THE ORDER OF THE A.O. 4. AFTER CONSIDERING THE SUBMISSION AND PERUSING TH E MATERIAL ON RECORD, I FIND THAT IN SIMILAR CIRCUMSTANCES IN CASE OF SHRI PUKHRAJ KOTECHA DECIDED IN ITA NO. 1245/JP/10 FOR - 2 - ASSESSMENT YEAR 2005-06 VIDE ORDER DATED 13.05.2011 , THE TRIBUNAL HAS CONFIRMED THE ACTION OF CIT(A) WHO APPLIED N.P. RATE OF 10% ON THE GROSS DE POSITS FOUND DEPOSITED IN BANK ACCOUNT OF THAT ASSESSEE. THEREFORE, I FEEL THAT N.P. RATE OF 20% APPLIED BY A.O. WHICH IS CONFIRMED BY CIT(A) IS ON HIGHER SIDE. ACCORDINGLY I DIRECT THE A.O. RE-CALCULATE THE INCOME BY APPLYING 10% N.P. RATE ON THE GROSS DEPOSITS. I ORDER ACCORDINGL Y. 5. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALL OWED IN PART. 6. THE ORDER IS PRONOUNCED IN THE OPEN COURT ON 18. 11.2011. SD/- (R.K.GUPTA) JUDICIAL MEMBER DATED : 18.11.2011 *BASANT* COPY FORWARDED TO :- 1. SHRI MOTI RAM PRAJAPAT, KISHANGARH. 2. THE D.C.I.T., CIRCLE-1, AJMER. 3. THE CIT, BY ORDER 4. THE CIT(A) 5. THE D.R.,ITAT, JAIPUR. 6. THE GUARD FILE IN ITA NO.810/JP/11 A.R.,ITAT. , JAIPUR