Smt. Bhartiben Sharadkumar Shah, Ahmedabad V. The Dy.CIT.,Cent.Circle-1(1), Ahmedabad

ITSSA 837/AHD/2010

• Counselvise Citation: [2014] 122 COUNSELVISE.COM (IT) 0154 (ITAT-AHMEDABAD)
• Duration Of Justice: 3 year(s) 5 month(s) 9 day(s)
• Appeal Type: Income Tax (Search & Seizure) Appeal
• Pronouncement Date: 06-06-2014
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Next Hearing Date: 23-05-2014
• Assessment Year: 2005-2006
• Appeal Filed On: 27-12-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: P M MEHTA

Judgement Text

, , , , B, IN THE INCOME TAX APPELLATE TRIBUNAL AT AHMEDABAD, B BENCH . .. . . .. . , !' !' !' !', , , , #$ #$ #$ #$ # ## #. .. .# ## #. . . . % % % %, , , , &' ( & ' &' ( & ' &' ( & ' &' ( & ' BEFORE S/SHRI G.C. GUPTA, VICE-PRESIDENT AND N.S. SAINI, ACCOUNTANT MEMBER) IT(SS)A NO.837/AHD/2010 [ASSTT.YEAR : 2005-2006] SMT.BHARATIBEN SHARADKUMAR SHAH SAAR BUNGALOW, B/H. RAJPATH BUNGALOW S.G. ROAD, AHMEDABAD. PAN : AEAPS 0931 C /VS. DCIT, CENT.CIR.1(1) AHMEDABAD. ( (( (*+ *+ *+ *+ / APPELLANT) ( (( (,-*+ ,-*+ ,-*+ ,-*+ / RESPONDENT) ./ 0 1 &/ ASSESSEE BY : SHRI P.M. MEHTA ( 0 1 &/ REVENUE BY : SHRI O.P. VAISHNAV, CIT-DR WITH SHRI P.L. KUREEL, SR.DR 3 0 /4'/ DATE OF HEARING : 23 RD MAY, 2014 567 0 /4'/ DATE OF PRONOUNCEMENT : 06-06-2014 &8 / O R D E R PER G.C. GUPTA, VICE-PRESIDENT: THIS APPEAL BY THE ASSESSEE FOR THE ASSESSMENT YEAR 2005-2006 IS DIRECTED AGAINST T HE ORDER OF THE CIT(A). 2. THE ONLY GROUND OF THE APPEAL OF THE ASSESSEE IS AS UNDER: 1. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CA SE LD.CIT(A) ERRED IN CONFIRMING THE FINDING OF THE AO THAT THE INCOME BY WAY OF SHORT TERM CAPITAL GAIN OF RS.2,50,792 SHOWN BY THE APPELLANT IS ACTUALLY IN THE NATURE OF UNEXPLAINED INCOME. IT(SS)A NO.837 /AHD/2010 -2- 3. THE LEARNED COUNSEL FOR THE ASSESSEE SUBMITTED T HAT THE ADDITION WAS MADE IN THE CASE OF THE ASSESSEE AND TWO OTHER GROU P CASES OF SHRI SHARADKUMAR SHANTILAL SHAH AND SHRI SHARADKUMAR SHA NTILAL SHAH, HUF. HE SUBMITTED THAT IN IDENTICAL FACTS, THE ADDITION MADE WAS DELETED IN APPEAL BY THE ITAT, AHMEDABAD BENCH IN IT(SS)A.NO.8 26 & 827/AHD/2010 ORDER DATED 24.1.2014 IN THE TWO GROUP CASES OF SHRI SHARADKUMAR SHANTILAL SHAH AND SHRI SHARADKUMAR SHA NTILAL SHAH, HUF. THE ASSESSEE HAS FILED COPY OF THE DECISION OF THE TRIBUNAL DATED 24.1.2014 BEFORE US. THE LEARNED DR HAS RELIED ON THE ORDERS OF THE AO AND THE CIT(A). 4. WE HAVE CONSIDERED RIVAL SUBMISSIONS. WE FIND T HAT THE ISSUE OF LEGALITY OF ACTION OF THE AO TO TREAT THE INCOME BY WAY OF SHORT TERM CAPITAL GAIN AS IN THE NATURE OF UNEXPLAINED INCOME , IS COVERED WITH THE DECISION OF THE TRIBUNAL IN THE CASE OF TWO OTHER G ROUP CASES OF THE ASSESSEE DATED 24.1.2014 (SUPRA), WHEREIN IN IDENTI CAL FACTS, IT WAS HELD THAT THE AO HAS NOT BROUGHT ANY MATERIAL ON RECORD TO HOLD THESE TRANSACTIONS TO BE NON-GENUINE AND ACCORDINGLY, THE TRIBUNAL DIRECTED THE AO TO ACCEPT THE SHORT TERM CAPITAL GAIN SHOWN BY T HE ASSESSEE IN THE RETURN OF INCOME. WE, BEING IN AGREEMENT WITH THE DECISION OF THE CO- ORDINATE BENCH OF THE TRIBUNAL DATED 24.1.2014 (SUP RA), DECIDE THE ISSUE IN FAVOUR OF THE ASSESSEE, AND THE GROUND OF THE APPEA L OF THE ASSESSEE IS ALLOWED. 5. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALL OWED. ORDER PRONOUNCED IN OPEN COURT ON THE DATE MENTIONE D HEREINABOVE. SD/- SD/- ( # ## #. .. .# ## #. . . . % % % % /N.S.SAINI) &' ( &' ( &' ( &' ( /ACCOUNTANT MEMBER ( . .. . . .. . /G.C. GUPTA) !' !' !' !' /VICE-PRESIDENT