M/S VENUS ASSOCIATES, CHENNAI V. DCIT NON CORPORATE CIRCLE 10 (2), CHENNAI

ITA 832/CHNY/2018

• Counselvise Citation: [2019] 112 COUNSELVISE.COM (IT) 6544 (ITAT-CHENNAI)
• Duration Of Justice: 11 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 25-02-2019
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: C
• Assessment Year: 2012-2013
• Appeal Filed On: 08-03-2018
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: R CLEMENT RAMESH KUMAR
• Assessee Lawyers: T VASUDEVAN
• Keywords: Unexplained cash credit; Opportunity of being heard; Set aside
• Section: 68

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH: CHENNAI , ! ' # ' $ . ! &' , ( ) BEFORE SHRI INTURI RAMA RAO , ACCOUNT ANT MEMBER AND SHRI DUVVURU RL REDDY , JUDICIAL MEMBER ./ ITA NO.832/CHNY/2018 ( * +* /ASSESSMENT YEAR: 2012-13 M/S. VENUS ASSOCIATES, NO.19, THACKER STREET, PURASAWALKAM, CHENNAI 600 084. [PAN: AAGFV 6267J] VS. DY. COMMISSIONER OF INCOME TAX, NON CORPORATE CIRCLE-10(1), CHENNAI. ( ,- /APPELLANT) ( ./,- /RESPONDENT) ,- 0 1 / APPELLANT BY : SHRI T. VASUDEVAN, ADVOCATE ./,- 0 1 /RESPONDENT BY : SHRI R.CLEMENT RAMESH KUMAR, ADDL. CIT ' 0 2 /DATE OF HEARING : 12.02.2019 34+ 0 2 /DATE OF PRONOUNCEMENT : 25.02.2019 5 / O R D E R PER INTURI RAMA RAO, ACCOUNTANT MEMBER : THIS IS AN APPEAL FILED BY THE ASSESSEE DIRECTED AG AINST THE ORDER OF THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS) -12, CHENNAI (HEREINAFTER CALLED AS CIT(A)) DATED 29.12.2017 F OR THE ASSESSMENT YEAR (AY) 2012-13. 2. THE SOLITARY ISSUE INVOLVED IN THE PRESENT APPEA L IS RELATES TO THE ADDITION OF RS. 12 LAKHS AS UNEXPLAINED CASH CREDIT U/S. 68 OF THE INCOME TAX ACT, 1961 (IN SHORT THE ACT). THE ASSESSING OFFICER (AO) HAD MADE ITA NO.832/CHNY/2018 :- 2 -: ADDITION OF RS. 12 LAKHS ON THE GROUND THAT THE APP ELLANT HAS NOT FURNISHED THE CONFIRMATION LETTERS FROM THE LOAN CR EDITORS. EVEN ON APPEAL BEFORE LD. CIT(A), THE CONFIRMATION LETTERS WERE NOT FILED. HOWEVER, BEFORE US CONFIRMATION LETTER WAS FILED FR OM SHRI SHEIK SLAHUDEEN BY STATING THAT AN AMOUNT OF RS. 12 LAKHS WAS GIVEN TO THE APPELLANT VIDE CHEQUE NO.185799 DATED 03.06.2011 DR AWN ON SYNDICATE BANK, GEORGE TOWN BRANCH, CHENNAI FOR A SUM OF RS. 10 LAKHS. SINCE, THIS INFORMATION WAS NOT FILED BEFORE THE LOWER AUT HORITIES, WE SET ASIDE THE ASSESSMENT TO THE FILE OF AO FOR DENOVO ASSESSMENT AFTER GRANTING DUE OPPORTUNITY OF BEING HEARD TO THE APPELLANT. 3. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS PARTLY ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED ON THE 25 TH DAY OF FEBRUARY, 2019 IN CHENNAI. SD/- SD/- ( . ) (DUVVURU RL REDDY) /JUDICIAL MEMBER ( ) (INTURI RAMA RAO) /ACCOUNTANT MEMBER /CHENNAI, 6 /DATED: 25 TH FEBRUARY, 2019. EDN, SR. P.S 5 0 .(278 98+2 /COPY TO: 1. ,- /APPELLANT 4. ' :2 /CIT 2. ./,- /RESPONDENT 5. 8;< .(2 ( /DR 3. ' :2 ( )/CIT(A) 6. <'* = /GF