Neeraj Vaishnav , Shajapur V. The ACIT 2(1) Ujjain, Ujjain

ITA 842/Ind/2018

• Counselvise Citation: [2020] 111 COUNSELVISE.COM (IT) 7866 (ITAT-INDORE)
• Duration Of Justice: 1 year(s) 3 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-01-2020
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Assessment Year: 2014-2015
• Appeal Filed On: 25-10-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: PUNEET KUMAR
• Assessee Lawyers: N D PATWA A RS
• Keywords: Unexplained cash credit; Additional evidence; Onus to prove
• Section: 143(3); 142(1); 133A; 143(2); 68

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL, INDORE BENCH, INDORE BEFORE SHRI KUL BHARAT, JUDICIAL MEMBER AND SHRI MANISH BORAD, ACCOUNTANT MEMBER ITA NO.842/IND/2018 ASSESSMENT YEAR: 2014-15 APPELLANT BY SHRI ASHISH GOYAL & N.D. PATWA , ARS REVENUE BY SHRI PUNEET KUMAR, SR. DR DATE OF HEARING 22 .01.2020 DATE OF PRONOUNCEMENT 28 .01.2020 O R D E R PER MANISH BORAD, AM. THE ABOVE CAPTIONED APPEAL FILED AT THE INSTANCE OF ASSESSEE PERTAINING TO ASSESSMENT YEAR 2014-15 IS DIRECTED A GAINST THE ORDERS OF LD. COMMISSIONER OF INCOME TAX (APPEALS) (IN SHORT LD.CIT(A)], UJJAIN DATED 25.07.2018 WHICH IS ARIS ING OUT OF THE ORDER U/S 143(3) OF THE INCOME TAX ACT 1961(IN SHOR T THE ACT) DATED 21.12.2016 FRAMED BY ACIT-2(1) UJJAIN. NEERAJ VAISHNAV, SHAJAPUR VS. ACIT 2(1) UJJAIN (APPELLANT) (REVENUE ) PAN NO. ABZPV6067E ITANO.842/IND/2018 SHRI NEERAJ VAISHNAV 2 2. ASSESSEE HAS RAISED FOLLOWING GROUNDS OF APPEAL; ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE THE LD. COMMISSIONER OF INCOME TAX (APPEAL)-UJJAIN HAS ERRE D IN UPHOLDING THE ADDITION SO MADE BY THE LEARNED ASSES SING OFFICER AT RS.5,00,000/- 3. BRIEF FACTS RELATING TO THIS ISSUE ARE THAT THE ASSESSEE IS AN INDIVIDUAL AND EARNED INCOME AS COMMISSION AGENT. R ETURN OF INCOME E-FILED ON 28.03.2015 DECLARING INCOME OF RS .46,65,533/-. SURVEY U/S 133A OF THE ACT WAS CARRIED OUT ON 09.07 .2013. CASE MANUALLY SELECTED FOR SCRUTINY FOLLOWED BY SERVING OF NOTICES U/S 143(2) & 142(1) OF THE ACT. DURING THE COURSE OF AS SESSMENT PROCEEDINGS LD. AO OBSERVED THAT THERE STOOD UNSECU RED LOAN OF RS.5,00,000/- FROM SMT. RATNA DEVI VAISHNAV. THE AS SESSEE FAILED TO PROVIDE ANY DOCUMENT TO EXPLAIN THE LOAN WHICH RESULTED INTO ADDITION U/S 68 FOR UNEXPLAINED CASH CREDIT OF RS.5 ,00,000/-. INCOME ASSESSED AT RS.51,06,533/-. 4. AGGRIEVED ASSESSEE PREFERRED AN APPEAL BEFORE TH E LD. CIT(A) BEFORE WHOM IT WAS CLAIMED THAT ALLEGED AMOUNT OF R S.5,00,000/- WAS RECEIVED DURING THE FINANCIAL YEAR 2011-12 RELA TING TO ASSESSMENT YEAR 2012-13 AND NOT DURING ASSESSMENT Y EAR 2014-15. ADDITIONAL EVIDENCES FILED IN SUPPORT OF THIS CLAIM WERE REFERRED TO ASSESSING OFFICER FOR GIVING REMAND REPORT AND THE SAME WAS RECEIVED BY LD. CIT(A) ON 23.11.2017. HOWEVER, LD. CIT(A) CONFIRMED THE IMPUGNED ADDITION FOR THE FAILURE ON THE PART OF THE ASSESSEE TO DISCHARGE THE BURDEN OF PROOF BY NOT ES TABLISHING THE GENUINENESS CREDITWORTHINESS OF TRANSACTIONS. ITANO.842/IND/2018 SHRI NEERAJ VAISHNAV 3 5. NOW ASSESSEE IS IN APPEAL BEFORE THE TRIBUNAL. 6. LD. COUNSEL FOR THE ASSESSEE SUBMITTED THAT NO A DDITIONS SHOULD HAVE BEEN MADE FOR A.Y. 2014-15, AS THE ALLEGED CAS H CREDIT OF RS.5,00,000/- WAS RECEIVED DURING THE ASSESSMENT YE AR 2012-13. HE ALSO SUBMITTED THAT BEFORE LD. CIT(A), COPY OF I NCOME TAX RETURN OF SMT. RATNA DEVI VAISHNAV, AFFIDAVIT AND BANK STA TEMENT WERE FILED. THUS HE PRAYED FOR DELETION OF ADDITION. 7. PER CONTRA, LD. DEPARTMENTAL REPRESENTATIVE (DR) VEHEMENTLY ARGUED SUPPORTING THE ORDERS OF LOWER AUTHORITIES. 8. WE HAVE HEARD RIVAL CONTENTIONS AND PERUSED THE RECORDS PLACED BEFORE US. SOLE ISSUE RAISED IN THIS APPEAL RELATES TO ADDITION FOR UNEXPLAINED CASH CREDIT OF RS.5,00,000/- BEING LOAN RECEIVED FROM SMT. RATNA DEVI. FROM PERUSAL OF THE BANK STATEMENT OF SMT. RATNA DEVI PLACED AT PAGE 8 OF THE PAPER BOOK SHOWS THAT SHE ISSUED ACCOUNT PAYEE CHEQUES TO THE ASSESSEE ON 14.12.2011 AT RS.5,00,000/-. THUS, THIS FACT REMAINS UNDISPUTED T HAT THE ALLEGED CASH CREDIT WAS RECEIVED BY THE ASSESSEE DURING F.Y . 2011-12 I.E. ASSESSMENT YEAR 2012-13. NO SUCH UNSECURED LOAN WAS RECEIVED DURING THE YEAR UNDER APPEAL. WE, THUS WITHOUT GOIN G INTO THE ADJUDICATION OF THE FACT THAT WHETHER THE IDENTITY, GENUINENESS AND CREDITWORTHINESS OF THE LOAN AMOUNT IS ESTABLISHED OR NOT, ARE OF THE CONSIDERED VIEW THAT NO ADDITION COULD HAVE BEEN MA DE DURING THE FINANCIAL YEAR 2014-15 FOR UNEXPLAINED CASH CREDIT BECAUSE ALLEGED AMOUNT WAS NOT RECEIVED DURING THE YEAR UNDER APPEA L. ACTION IF ITANO.842/IND/2018 SHRI NEERAJ VAISHNAV 4 ANY MAY HAVE BEEN TAKEN BY THE REVENUE AUTHORITIES UNDER THE PROVISION OF LAW FOR ASSESSMENT YEAR 2012-13 DURING WHICH THE ALLEGED AMOUNT WAS RECEIVED. THUS, THE SOLE GROUND RAISED BY THE ASSESSEE IS ALLOWED. 9. IN THE RESULT APPEAL OF THE ASSESSEE IS ALLOWED. THE ORDER PRONOUNCED IN THE OPEN COURT ON 28.01.20 20. SD/- SD/- ( KUL BHARAT) (MANISH BORAD) JUDICIAL MEMBER ACCOUNTANT MEMBER / DATED : 28 TH JANUARY, 2020 PATEL/PS COPY TO: THE APPELLANT/RESPONDENT/CIT CONCERNED/CIT (A) CONCERNED/ DR, ITAT, INDORE/GUARD FILE. BY ORDER, ASSTT.REGISTRAR, I.T.A.T., INDORE