GANTA VENKATA NANDA KISHORE, TANUKU V. INCOME TAX OFFICER, WARD-1, TANUKU

MA 2/VIZ/2024

• Counselvise Citation: [2024] 101 COUNSELVISE.COM (IT) 5349 (ITAT-VISAKHAPATNAM)
• Duration Of Justice: 3 month(s) 28 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 01-08-2024
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB
• Next Hearing Date: 25-07-2024
• Assessment Year: 2013-2014
• Appeal Filed On: 04-04-2024
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: APARNA VILLURI

Judgement Text

आयकरअपीलीयअिधकरण, िवशाखापटणम पीठ, िवशाखापटणम IN THE INCOME TAX APPELLATE TRIBUNAL, VISAKHAPATNAM BENCH, VISAKHAPATNAM ŵी द ु ʫूŜ आर एल रेǭी, Ɋाियक सद˟ एवं ŵी एस बालाकृˁन, लेखा सद˟ के समƗ BEFORE SHRI DUVVURU RL REDDY, HON’BLE JUDICIAL MEMBER & SHRI S BALAKRISHNAN, HON’BLE ACCOUNTANT MEMBER M.A. No. 02/Viz/2024 (आयकर अपील सं./I.T.A.No.274/Viz/2023) (िनधाŊरण वषŊ / Assessment Year : 2013-14) Venkata Nanda Kishore Ganta D.No.5-1, Near Satram Pydiparru Post Tanuku, West Godavari [PAN : ANBPG4942R] Vs. Income Tax Officer Ward-1 Tanuku (अपीलाथŎ/ Appellant) (ŮȑथŎ/ Respondent) अपीलाथŎ की ओर से/ Appellant by : Shri G.V.N. Hari, AR ŮȑाथŎ की ओर से / Respondent by : Dr. Aparna Villuri, DR सुनवाई की तारीख / Date of Hearing : 26.07.2024 घोषणा की तारीख/Date of Pronouncement : 02.08.2024 आदेश /O R D E R Per Shri Duvvuru RL Reddy, Judicial Member : This Miscellaneous Application is filed by the assessee seeking rectification of the Tribunal’s order dated 28/03/2024 in ITA No. 274/Viz/2023 for the AY 2013-14. 2. At the outset, the Ld AR submitted that at the time of hearing of the appeal, after hearing the Ld. AR and on perusal of the material before the Hon’ble Bench as well as the orders of the Ld. Revenue Authorities, the 2 ITAT expressed the view that the Ld. CIT(A)-NFAC was erred in estimating the profit @8%. The Ld. AR further submitted that the Hon’ble ITAT while hearing the case also appreciated the submission of the Ld.AR and the fact that the entire amount credited in the bank account was utilized for payment of life tax through e-seva and hence there was no scope for the assessee to have made any profit. He further submitted that the Hon’ble ITAT also appreciated the fact that the opening balance (Rs.7,074.25/-) and the closing balance (Rs.6,400.89/-) after meeting all the payments evidence that the entire amount was used for payment of tax. However, while passing the order dated 28/03/2024 vide para 7 of its order, the Tribunal’s decision was different and therefore to that extent the Tribunal order may be rectified and pass order as deemed fit. 3. On the other hand the Ld. DR did not object to the submissions fo the Ld. AR. 4. We have heard both the sides and perused the material available on record as well as the order of the Tribunal dated 28/03/2024 (supra). On careful perusal of the Tribunal’s order (supra), we find that there is an inadvertent error crept in while giving the finding of the Tribunal which needs more elucidation. Therefore, to the extent of error crept in para-7 3 of the Tribunal order (supra), for the purpose of rectification and giving more clarification, the Tribunal order (supra) is recalled and the relevant lines from para 7 of the Tribunal’s order (supra) are hereby rectified as under: 5. In the original order, the relevant lines from the Tribunal’s finding, which needs rectification, are as under: “7............. AO is not justified in considering only credit side entries and not considering the debit side entries and hence directed to verify the aggregate cash deposits made by the assessee in the HDFC bank account for the year under consideration and after verification, whatsoever amount is worked out, compute the income of the assessee @8% of the total cash deposits and restrict the addition to that amount accordingly while giving effect to the order of the Ld.CIT(A)............” 6. After rectification, the above lines may be read as under: “7............. AO is not justified in considering only credit side entries and not considering the debit side entries and hence directed to examine both the credit and debit entries, while doing so if any surplus cash deposit is found, such surplus deposits, net of all credits and debits, should be brought to tax and the same is directed to be estimated @ 8% in the hands of the assessee while giving effect to the order of the Ld. CIT(A).......... 7. Thus, to the above extent, the inadvertent mistake crept in the order of the Tribunal (supra) is rectified. 8. In the result, Miscellaneous Application filed by the assessee is allowed. 4 Order pronounced in the open court on 02 nd August, 2024. Sd/- Sd/- (एस बालाकृˁन) (द ु ʫूŜ आर.एल रेǭी) (S.BALAKRISHNAN) (DUVVURU RL REDDY) लेखा सद˟/ACCOUNTANT MEMBER Ɋाियक सद˟/JUDICIAL MEMBER Dated :02/08/2024 OKK SPS आदेश कᳱ ᮧितिलिप अᮕेिषत/Copy of the order forwarded to:- 1. िनधाŊįरती/ The Assessee– Shri Venkata Nanda Kishore Ganta, D.No.5-1, Near Satram, Pydiparru Post, Tanuku, West Godavari 2. राजˢ/The Revenue –Income Tax Officer, Income Tax Office, Ward-1, Tanuku 3. The Principal Commissioner of Income Tax, Rajahmundry 4. िवभागीय Ůितिनिध, आयकर अपीलीय अिधकरण, िवशाखापटणम / DR,ITAT, Visakhapatnam 5..गाडŊ फ़ाईल / Guard file आदेशानुसार / BY ORDER Sr. Private Secretary ITAT, Visakhapatnam