Jain Orna Pvt.Ltd., Ahmedabad V. The ACIT.,Cent.Circle-2(3), Ahmedabad

ITSSA 330/AHD/2010

• Counselvise Citation: [2013] 121 COUNSELVISE.COM (IT) 8602 (ITAT-AHMEDABAD)
• Duration Of Justice: 2 year(s) 8 month(s) 21 day(s)
• Appeal Type: Income Tax (Search & Seizure) Appeal
• Pronouncement Date: 11-01-2013
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Next Hearing Date: 11-01-2013
• Assessment Year: 2001-2002
• Appeal Filed On: 20-04-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: Y P VERMA
• Assessee Lawyers: P M MEHTA ARS; S N SAPORKAR
• Keywords: Income from undisclosed sources

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AT AHMEDABAD B BENCH BEFORE: SHRI D.K. TYAGI, JUDICIAL MEMBER AND SHRI T.R. MEENA, ACCOUNTANT MEMBER I.T.(SS)A. NO.330/AHD/2010 A.Y. 2001-02 JAIN ORNA PVT. LTD. 1-3, IMAGE FLATS, NR. LAVANYA SOCIETY, VASNA, AHMEDABAD PAN-AAACJ3868J APPELLANT VS. THE A.C.I.T., CENTRAL CIRCLE-2(3) AHMEDABAD RESPONDENT DEPARTMENT BY : SHRI Y.P. VERMA, SR. D.R. ASSESSEE BY : SHRI S.N. SAPORKAR & SHRI P.M. MEHTA, A.RS. DATE OF HEARING : 11.01.2013 DATE OF PRONOUNCEMENT : 11.01.2013 / ORDER PER : D.K. TYAGI, JUDICIAL MEMBER THIS IS ASSESSEES APPEAL AGAINST THE ORDER OF LD. CIT(A)-III, AHMEDABAD DATED 08.02.2010. 2. ASSESSEE IN THIS APPEAL IS AGGRIEVED BY THE ACTI ON OF LD. CIT(A) IN UPHOLDING THE ADDITION OF RS.5,83,000/- OUT OF RS.21,83,000/- ADDED BY THE A.O. BY TREATING THE INCREASE IN THE ASSESSEES PAID UP SHARE CAPITA L AS INCOME FROM UNDISCLOSED SOURCES. THE A.O., DURING THE ASSESSMENT PROCEEDIN GS, OBSERVED THAT THERE WAS AN INCREASE IN SHARE CAPITAL FROM 27.70 LACS AS ON 31.03.2000 TO RS.49.53 LACS AS ON 31.01.2001. ASSESSEE WAS ASKED TO FILE DETAILS FOR THIS INCREASE. THE ASSESSEE, HOWEVER FAILED TO PROVIDE ANY DETAIL/REASON FOR THI S INCREASE AND SUBMITTED THAT THE MANAGEMENT OF THE COMPANY HAS CHANGED FROM A.Y. 2006-07, THEREFORE, THEY ARE NOT IN A POSITION TO FURNISH THE DETAILS AS REQ UIRED. THE A.O., IN ABSENCE OF I.T.(SS)A. NO.330/AHD/2010 A.Y. 2001-02 2 NECESSARY DETAILS, MADE ADDITION OF RS.21.83 LACS. BEFORE LD. CIT(A) ASSESSEE FURNISHED DETAILS ON WHICH REMAND REPORT FROM A.O. WAS ALSO OBTAINED AND AFTER TAKING INTO CONSIDERATION ALL THESE FACTS, LD. CIT( A) RESTRICTED THIS ADDITION TO RS.5,83,000/-. FURTHER AGGRIEVED, NOW THE ASSESSEE IS IN APPEAL BEFORE US. 3. AFTER HEARING BOTH THE PARTIES AND PERUSING THE RECORD, WE ARE OF THE VIEW THAT THE SUSTAINED ADDITION OF RS.5,83,000/- REQUIR ES AFRESH ADJUDICATION ON THE PART OF THE A.O. IN THE LIGHT OF DETAILS FILED BY T HE ASSESSEE IN THIS RESPECT BEFORE LD. CIT(A). WE HOLD ACCORDINGLY. 4. IN THE RESULT, ASSESSEES APPEAL IS ALLOWED FOR STATISTICAL PURPOSE. ORDER PRONOUNCED IN OPEN COURT ON 11..01.2013 (T.R. MEENA) (D.K. TYAGI) ACCOUNTANT MEMBER JUDICIAL MEMBER N.K. CHAUDHARY, SR. P.S. COPY OF THE ORDER FORWARDED TO: 1. THE APPLICANT 2. THE RESPONDENT 3. THE CIT CONCERNED 4. THE LD. CIT (APPEALS) BY ORDER 5. THE DR, AHMEDABAD 6. THE GUARD FILE AR, ITAT, AHMEDABAD