ITO, CHENNAI V. S.Jeevanandam, CHENNAI

ITA 843/CHNY/2013

• Counselvise Citation: [2013] 140 COUNSELVISE.COM (IT) 68771 (ITAT-CHENNAI)
• Duration Of Justice: 4 month(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-09-2013
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 30-09-2013
• Assessment Year: 2006-2007
• Appeal Filed On: 03-05-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Unexplained cash credit; Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, CHENNAI BEFORE SHRI ABRAHAM P. GEORGE, ACCOUNTANT MEMBER AND SHRI V. DURGA RAO, JUDICIAL MEMBER I.T.A. NO. 843/MDS/2013 (ASSESSMENT YEAR : 2006-07) THE INCOME TAX OFFICER, BUSINESS WARD III(3), CHENNAI - 600 034. (APPELLANT) V. SHRI S. JEEVANANDAM, PROP: M/S JEEVA ASSOCIATES, NO.37A, ARYA GOWDA ROAD, WEST MAMBALAM, CHENNAI - 600 034. PAN : ADCPJ 2260 Q (RESPONDENT) APPELLANT BY : SHRI GURU BASHYAM, JCIT RESPONDENT BY : NONE DATE OF HEARING : 30.09.2013 DATE OF PRONOUNCEMENT : 30.09.2013 O R D E R PER ABRAHAM P. GEORGE, ACCOUNTANT MEMBER : IN THIS APPEAL FILED BY THE REVENUE, IT IS AGGRIE VED THAT CIT(APPEALS) DELETED THE ADDITION OF ` 9,49,800/- MADE FOR UNEXPLAINED CASH CREDITS. 2. A VERIFICATION OF THE ASSESSMENT ORDER SHOWS THA T THE TOTAL INCOME ASSESSED WAS ` 13,11,727/- COMPRISING OF FOLLOWING AMOUNTS:- INCOME FROM BUSINESS : ` 3,61,930/ - UNEXPLAINED CASH CREDITS : ` 9,49,800/ - TOTAL : 13,11,730/ - I.T.A. NO. 843/MDS/13 2 INCOME-TAX WORKED OUT ON ABOVE AMOUNT BY THE ASSESS ING OFFICER WAS ` 3,43,518/-. EXCLUDING THE UNEXPLAINED CASH CREDIT S OF ` 9,49,800/-, WHICH IS THE ISSUE BEFORE US, THE BALAN CE INCOME COMES TO ` 3,61,930/-. ON THE AMOUNT OF ` 3,61,930/- FOR IMPUGNED ASSESSMENT YEAR, THE TAX DUE WILL BE ` 58,570/-. WHEN THIS IS DEDUCTED FROM THE TOTAL TAX DEMAND OF ` 3,43,518/-, BALANCE AMOUNT COMES TO ` 2,84,948/-. THUS, TAX EFFECT IN THIS CASE IS LESS THAN ` 3 LAKHS AND HENCE COVERED BY CIRCULAR NO.3 OF 2011 DA TED 09.02.2011 OF CBDT. HENCE, WE DISMISS THE APPEAL FILED BY THE REVENUE FOR LOW TAX EFFECT. 3. IN THE RESULT, APPEAL FILED BY THE REVENUE IS DI SMISSED. ORDER WAS PRONOUNCED IN THE COURT ON MONDAY, THE 30 TH OF SEPTEMBER, 2013, AT CHENNAI. SD/- SD/- (V.DURGA RAO) (ABRAHAM P. GEORGE) JUDICIAL MEMBER ACCOUNTANT MEMBER CHENNAI, DATED THE 30 TH SEPTEMBER, 2013. KRI. COPY TO: APPELLANT/RESPONDENT/CIT(A)-VIII, CHENNAI / CIT-VI, CHENNAI-34/D.R./GUARD FILE