Income Tax Officer, Pune V. Shri radheyshyam R.Agarwal, Pune

ITA 885/PUN/2010

• Counselvise Citation: 88524514 RSA 2010
• Duration Of Justice: 1 year(s) 6 month(s) 20 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-12-2011
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 26-12-2011
• Assessment Year: 1998-1999
• Appeal Filed On: 09-06-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: NEERA MALHOTRA
• Assessee Lawyers: NIKHIL PATHAK
• Section: 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH B, PUNE BEFORE SHRI SHAILENDRA KUMAR YADAV, JUDICIAL MEMBER AND SHRI D. KARUNAKARA RAO, ACCOUNTANT MEMBER I.T.A. NO. 885/PN/2010 : A.Y. 1998-99 I.T.O. WARD 2(3) PUNE APPELLANT VS. RADHESHYAM R. AGARWAL 25/37/1 VISHRANTWADI, PUNE-411 015 PAN AAOPA 7152 M RESPONDENT APPELLANT BY: SMT. NEERA MALHOTRA RESPONDENT BY: SHRI NIKHIL PATHAK DATE OF HEARING: 26-12-2011 DATE OF PRONOUNCEMENT: 30-12-2011 ORDER PER SHAILENDRA KUMAR YADAV, JM THIS APPEAL BY THE DEPARTMENT IS DIRECTED AGAINST T HE ORDERS OF THE CIT-(A)-II PUNE DATED 19-3-2010 FOR A .Y. 1998-99 DELETING THE ADDITION OF RS. 9,61,990/- MAD E BY THE ASSESSING OFFICER U/S 68 OF THE ACT ON ACCOUNT OF UNEXPLAINED MONEY/INVESTMENT IN RESPECT OF THE BOGU S SALES OF DIAMONDS. . 2. AT THE OUTSET OF HEARING, THE LEARNED COUNSEL FO R THE ASSESSEE POINTED OUT THAT THE ISSUE RAISED IN THIS APPEAL IS FULLY COVERED BY THE DECISION OF CO-ORDINATE BENCH OF THE TRIBUNAL IN THE CASE OF ASSTT. CIT VS. MRS. GUNWANT I OMPRAKASH RANKA IN ITA NO. 665/PN/2009 FOR AY. 1998 - 99 WHEREIN VIDE ITS ORDER DATED 30-9-2010 THE TRIBU NAL HAS 2 ITA NO.885/PN/2010 RADHESHYAM R AGARWAL A.Y. 1998-99 DECIDED THE ISSUE IN FAVOUR OF THE ASSESSEE AND AGA INST THE DEPARTMENT. SIMILARLY, THE ISSUE IS COVERED BY THE DECISION OF ITAT JAIPUR BENCH OF THE TRIBUNAL IN THE CASE OF BALBHIM DATTATRAY SHINDE AND SHRI BHAGWAN DUTTATRAY SHINDE IN ITA NO. 1362 AND 1364 OF 2005 VIDE ORDER DATED 31-8-2007 AND ALSO BY THE JUDGMENT OF BOMBAY HIGH C OURT IN THE CASE OF CIT VS. UTTAMCHAND JAIN (2010) 320 I TR 554 (BOM). IN THIS VIEW OF THE MATTER, WE DO NOT FIND ANY INFIRMITY IN THE ORDER OF THE CIT(A). WE UPHOLD TH E SAME. 3. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED. DECISION PRONOUNCED IN THE OPEN COURT ON 30-12-2011 . SD/- SD/- D. KARUNAKARA RAO SHAILENDRA KUMAR YADAV ACCOUNTANT MEMBER JUDICIAL MEMBER PUNE DATED THE 30 TH DECEMBER 2011 ANKAM COPY OF THE ORDER IS FORWARDED TO : 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT-(A)- II PUNE 4. THE CIT II PUNE 5. THE D.R, ITAT PUNE BENCH, PUNE 6. GUARD FILE BY ORDER SR. PRIVATE SECRETARY INCOME TAX APPELLATE TRIBUNAL