Deepak Jain, New Delhi V. ITO, Ward-25(2), New Delhi

ITA 8144/DEL/2018

• Counselvise Citation: [2021] 107 COUNSELVISE.COM (IT) 5811 (ITAT-DELHI)
• Duration Of Justice: 2 year(s) 8 month(s) 22 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-09-2021
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2015-2016
• Appeal Filed On: 24-12-2018
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Unexplained cash credit
• Section: 68; 143(3); 143(2)

Judgement Text

ITA NO.- 8144/DEL/2018 DEEPAK JAI N PAGE 1 OF 4 IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH: B: NEW DELHI) (THROUGH VIDEO CONFERENCING) BEFORE SHRI KUL BHARAT, JUDICIAL MEMBER AND SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER ITA NO:- 8144/DEL/2018 ( ASSESSMENT YEAR: 2015-16) MR. DEEPAK JAIN 5334, BASTI HARPHOOL SINGH, DELHI-110006 VS. ITO, WARD-25(2), NEW DELHI APPELLANT RESPONDENT PAN NO: AA EPJ3211E ASSESSEE BY : NONE REVENUE BY : MD. GAYASUDDIN ANSARI, SR. DR PER ANADEE NATH MISSHRA, AM (A) THIS APPEAL BY ASSESSEE IS FILED AGAINST THE ORDER OF LEARNED COMMISSIONER OF INCOME TAX (APPEALS)-9, NEW DELHI, [LD. CIT(A), F OR SHORT], DATED 12.10.2018 FOR ASSESSMENT YEAR 2015-16. GROUNDS TAKEN IN THIS APP EAL OF ASSESSEE ARE AS UNDER: 1. THE APPELLANT IS THE SALARIED EMPLOYEE (DIRECTOR OF TEJAS ENTERPRISES PVT. LTD.), WHO FILED HIS INCOME TAX RETURN OF AY 2015-1 6 ON 19.08.2015 DECLARING TAXABLE INCOME OF RS. 30,02,970/- CONSISTING INCOME UNDER HEAD SALARY, INCOME FROM BUSINESS AND PROFESSION, INCOME FROM CA PITAL GAIN AND INCOME ITA NO.- 8144/DEL/2018 DEEPAK JAI N PAGE 2 OF 4 FROM OTHER SOURCES. 2. THE CASE WAS SELECTED FOR SCRUTINY UNDER CASS L ATER NOTICE U/S 143(2) WAS ISSUED WHICH WAS DULY COMPLIED FROM TIME TO TIME. 3. THE CASE OF THE ASSESSE COMPANY WAS ASSESSED BY TH E ID. AO BY PASSING ASSESSMENT ORDER U/S 143(3) OF THE ACT DATED 22.12. 2017 AND MAKE ADDITIONS ON THE FOLLOWING GROUNDS: A. LONG TERM CAPITAL GAIN AS UNEXPLAINED CASH CREDIT U/S 68 OF THE ACT OF RS. 19,92,060/- B. UNEXPLAINED COMMISSION EXPENSES OF RS. 39,842/- CA LCULATED ON ADHOC BASIS PAID TO ENTRY OPERATOR. 4. THE RETURN OF THE APPELLANT WAS ASSESSED U/S 143(3) AND DEMAND OF RS. 8,87,890/- WAS RAISED. 5. ALSO THE ID. AO INITIATED PENALTY PROCEEDINGS U/S 271(L)(C). 6. AGGRIEVED BY THE ORDER OF THE LD.CIT (APPEALS) AND LD. AO THIS APPEAL HAS BEEN PREFERRED TO GET JUSTICE. (B) AT THE TIME OF HEARING, WE TOOK NOTICE OF LETTER DATED 04/09/2021 FILED BY ASSESSEE. IN THIS LETTER IT HAS BEEN INTIMATED FROM THE ASSES SEES SIDE THAT THE ASSESSEE HAD FILED FORM -1 AND FORM-2 UNDER VIVAD SE VISHWAS SCHEME, 2 020 (VSVS, FOR SHORT) HAS BEEN ACCEPTED BY REVENUE; AND FURTHER, THAT FORM 3 DATED 11/12/2020 HAS ISSUED BY DESIGNATED AUTHORITY UNDER VSVS HAS BEEN RECEIVED B Y THE ASSESSEE. WE HAVE ALSO PERUSED COPIES OF FORM-3 AND FORM-4 UNDER AFORESAID VSVS, COPIES WHEREOF WERE FILED BY THE ASSESSEE ALONGWITH THE AFORESAID LETTER DATED 0 4/09/2021. IN VIEW OF THIS, THE LEARNED SENIOR DEPARTMENTAL REPRESENTATIVE (LD. SR. DR, F OR SHORT) SUBMITTED BEFORE US THAT THIS APPEAL MAY BE TREATED AS WITHDRAWN AND MAY BE DISMI SSED ON ACCOUNT OF THE AFORESAID VSVS. AFTER DUE CONSIDERATION, AND IN VIEW OF THE F OREGOING; WE TREAT THIS APPEAL AS WITHDRAWN ON ACCOUNT OF THE AFORESAID VSVS. ACCORDI NGLY, THIS APPEAL IS DISMISSED. (B.1) BEFORE WE PART, WE HEREBY CLARIFY, BY WAY OF ABUNDA NT CAUTION, THAT IF THE DISPUTES UNDER THIS APPEAL ARE NOT FULLY SETTLE D UNDER VSVS, THEN THE ITA NO.- 8144/DEL/2018 DEEPAK JAI N PAGE 3 OF 4 ASSESSEE WILL BE AT LIBERTY TO APPROACH ITAT FOR RE STORATION OF THIS APPEAL IN ACCORDANCE WITH LAW. (C) IN THE RESULT, THIS APPEAL IS DISMISSED. THIS ORDER WAS ALREADY PRONOUNCED ON 15 TH SEPTEMBER, 2021 IN OPEN COURT, IN THE ABSENCE OF ANY REPRESENTATIVE FROM ASSESSEES S IDE, BUT IN THE PRESENCE OF LD. SR. DR; AFTER CONCLUSION OF THE HEARING. NOW, THIS WRITTEN ORDER IS SIGNED TODAY ON 16/09/2021. SD/- SD/- (KUL BHARAT) (ANADEE NATH M ISSHRA) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED: 16/09/2021 *BINITA* COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(APPEALS) 5. DR: ITAT ASSISTANT REGISTRAR ITAT NEW DELHI