Mr. Sashikant Digambar Das Mehta, Hyderabad V. ITO-5(1), Hyderabad

ITA 92/HYD/2013

• Counselvise Citation: [2014] 120 COUNSELVISE.COM (IT) 7646 (ITAT-HYDERABAD)
• Duration Of Justice: 1 year(s) 9 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 07-11-2014
• Appeal Filed By: Assessee
• Bench Allotted: B
• Assessment Year: 2009-2010
• Appeal Filed On: 30-01-2013
• Court: TRIBUNAL
• Department Lawyers: RAJAT MITRA
• Assessee Lawyers: P N MOORTHY
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH B', HYDERABAD BEFORE SHRI B. RAMAKOTAIAH, ACCOUNTANT MEMBER AND SMT. ASHA VIJAYARAGHAVAN, JUDICIAL MEMBER ITA NO. 92/HYD/2013 ASSESSMENT YEAR 2009-10 SRI SASHIKANT DIGAMBARA DAS MEHTA, HYDERABAD PAN: ADTPM0705C VS. THE INCOME TAX OFFICER WARD-5(1) HYDERABAD APPELLANT RESPONDENT APPELLANT BY: SRI P.N. MOORTHY RESPONDENT BY: SRI RAJAT MITRA DATE OF HEARING: 30 .10.2014 DATE OF PRONOUNCEMENT: 07.11.2014 O R D E R PER ASHA VIJAYARAGHAVAN, JM: THIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST ORDER OF THE CIT(A)-V, HYDERABAD DATED 30.11.2012 F OR THE ASSESSMENT YEAR 2009-10. 2. THE ASSESSEE, AN INDIVIDUAL, FILED HIS RETURN OF INCOME FOR A.Y. 2009-10 ON 18.9.2009 ADMITTING AN INCOME OF RS. 3,61,050. THE ASSESSING OFFICER COMPL ETED THE ASSESSMENT U/S. 143(3) OF THE ACT BY MAKING AN ADDITION OF RS. 73,60,152 TOWARDS CASH DEPOSITS INT O THE BANK ACCOUNT. 3. THE ASSESSING OFFICER NOTICED CASH DEPOSITS OF RS. 73,60,152 IN THE ICICI BANK ACCOUNT OF THE ASSESSEE AND IT A NO. 92/HYD/2013 SRI SASHIKANT DIGAMBARA DAS MEHTA =========================== 2 CALLED FOR INFORMATION. THE AR OF THE ASSESSEE, SH RI ZIAUDDIN SUBMITTED THAT THE BANK ACCOUNT IN WHICH C ASH DEPOSITS OF RS. 73,60,152 WAS MADE DOES NOT BELONG TO THE ASSESSEE BUT TO THE FIRM 'M/S. SASHIKANT DIGAMB AR DAS MEHTA & PARESH S. MEHTA WITH PAN: ABQK50367K' AND THAT THE SAID FIRM WAS FILING ITS INCOME-TAX RE TURNS IN WARD-9(1), AHMEDABAD, GUJARAT. HE SUBMITTED THAT S INCE THE FIRM'S NAME STARTING PART IS THE NAME OF HIS AS SESSEE, THE CASE MIGHT HAVE BEEN WRONGLY SELECTED FOR SCRUT INY. THE ASSESSEE WAS ASKED TO PRODUCE EVIDENCES IN THE FORM OF BOOKS OF ACCOUNT, ETC., TO PROVE THAT THESE CASH DEPOSITS IN FACT BELONGED TO THE SAID FIRM AND NOT TO THE ASSESSEE. BUT THE AR OF THE ASSESSEE SUBMITTED THA T THE ASSESSEE WAS NOT IN A POSITION TO FURNISH ANY INFOR MATION AND REQUESTED FOR TRANSFER OF THE CASE TO AHMEDABAD . 4. THE AO HELD THAT THE CASH DEPOSITS OF RS 73,60,152 BELONG TO THE PAN: ADTPM0705C WHICH IS THE PAN OF T HE ASSESSEE AND ADDED THE SAME. THE ASSESSEE PREFERRE D APPEAL BEFORE THE CIT(A). 5. DURING THE APPEAL PROCEEDINGS, IN SUPPORT OF HIS CONTENTION THAT THE CASH DEPOSITS, IN FACT, BELONG TO THE FIRM BY NAME 'M/S. SASHIKANT DIGAMBAR DAS MEHTA & PARESH S. MEHTA WITH PAN: ABQKS0367K', THE ASSESSEE SUBMITTED THE EXTRACTS OF ICICI BANK STATEMENT FROM 1.4.2008 TO 31.3.2009 AND STATED THAT THE BANK HAD INADVERTENTLY MENTIONED THE NAME OF THE ASSESSEE WH ICH IS THE SAME AS THE FIRST NAME OF THE FIRM AND REQUE STED TO DELETE THE ADDITION MADE. 6. THE CIT(A) HELD THAT THE BANK ACCOUNT UNDER REFERENCE WHEREIN CASH DEPOSITS OF RS. 73,60,152 WE RE IT A NO. 92/HYD/2013 SRI SASHIKANT DIGAMBARA DAS MEHTA =========================== 3 MADE BELONG TO THE PAN: ADTPM0705C, WHICH IS THE PA N OF THE ASSESSEE. THEREFORE, HE UPHELD THE ACTION O F THE ASSESSING OFFICER FOR ADDITION OF CASH DEPOSITS AND CONFIRMED THE SAME. AGGRIEVED, THE ASSESSEE IS IN APPEAL BEFORE US. 7. WE HAVE PERUSED THE PAPER BOOK ON RECORD. THE ACCOUNT COPY OF ICICI BANK CLEARLY STATES THE NAME OF THE FIRM. HOW THE PAN OF THE ASSESSEE WAS ENTERED COUL D NOT BE UNDERSTOOD. IN SPITE OF EXPLANATION FROM THE AS SESSEE, BOTH AUTHORITIES WERE NOT CORRECT IN BRINGING TO TA X THE AMOUNT IN ASSESSEE'S HAND. WHAT IS REQUIRED IS TO MAKE ENQUIRY FROM BANK AND FROM ASSESSING OFFICER OF THE FIRM TO CONFIRM THE FACTS STATED BY THE ASSESSEE. IN TH ESE CIRCUMSTANCES, WE SET ASIDE THE ISSUE TO THE FILE O F THE ASSESSING OFFICER AND DIRECT HIM TO VERIFY WHETHER THE CASH DEPOSITS ARE IN THE ACCOUNT OF THE FIRM OR THA T OF THE INDIVIDUAL (ASSESSEE), AFTER GIVING AN OPPORTUNITY TO THE ASSESSEE TO PRODUCE THE DETAILS OF BANK STATEMENT A ND OTHER RELEVANT MATERIAL AND MAKE NECESSARY ENQUIRIE S. 8. IN THE RESULT, APPEAL OF THE ASSESSEE IS ALLOWED FO R STATISTICAL PURPOSES. ORDER PRONOUNCED IN OPEN COURT ON 7 TH NOVEMBER, 2014. SD/ - (B. RAMAKOTAIAH) ACCOUNTANT MEMBER SD/ - (ASHA VIJAYARAGHAVAN) JUDICIAL MEMBER HYDERABAD, DATED THE 7 TH NOVEMBER, 2014 TPRAO IT A NO. 92/HYD/2013 SRI SASHIKANT DIGAMBARA DAS MEHTA =========================== 4 COPY FORWARDED TO: 1. SRI SASHIKANT DIGAMBARA DAS MEHTA, C/O. SRI P.N. MOORTHY, TAX CONSULTANT, 1-8-514/16/1, CHIKKADPALLY, HYDERABAD. 2. THE ITO, WARD - 5(1), 6 TH HYDERABAD. 3. THE CIT(A) - V , HYDERABAD . 4. THE CIT - IV , HYDERABAD. 5. THE DR B BENCH, ITAT, HYDERABAD