SHRI Ishwar Patel, Dhar V. THE ITO, Dhar

MA 37/Ind/2018

• Counselvise Citation: [2018] 119 COUNSELVISE.COM (IT) 0910 (ITAT-INDORE)
• Duration Of Justice: 2 month(s) 23 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 20-11-2018
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: DB
• Assessment Year: 1998-1999
• Appeal Filed On: 28-08-2018
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: R P MOURYA
• Assessee Lawyers: RAVI SARDA
• Keywords: Income from undisclosed sources; Peak credit
• Section: 148

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL INDORE BENCH, INDORE BEFORE SHRI KUL BHARAT, JUDICIAL MEMBER AND SHRI MANISH BORAD, ACCOUNTANT MEMBER MA NO.37/IND/2018 (ARISING OUT OF ITA NO.938/IND/2016) ASSESSMENT YEAR: 1998-99 SHRI ISHWAR PATEL , S/O SHRI RAJARAM PATEL, PATEL NAGAR, PITHAMPUR, / VS. ITO, DHAR ( APPELLANT ) ( R E VENUE ) P.A. NO. AGDPP 0622Q APPELLANT BY SHRI RAVI SARDA , ADV. REVENUE BY SHRI R.P. MOURYA, SR. DR DATE OF HEARING: 09.11.2018 DATE OF PRONOUNCEMENT: 20 .11.2018 / O R D E R PER MANISH BORAD, A.M: THIS MISC. APPLICATION U/S 254(2) OF THE INCOME TAX ACT 1961, AT THE INSTANCE OF ASSESSEE IS ARISING OUT OF THE ORDE R OF THE TRIBUNAL ITA NOS. 937 & 938/IND/2016 DATED 15.02.2018. 2. LD. COUNSEL FOR THE ASSESSEE REFERRING TO THE MI SC. APPLICATION SUBMITTED THAT AN APPARENT MISTAKE CROPPED UP IN TH E ORDER OF THE TRIBUNAL DATED 15.02.2018 WHEREIN FOR A.Y. 1998-99 T HE ADDITION FOR UNACCOUNTED INCOME HAS BEEN SUSTAINED AT RS.2,50,00 0/- IGNORING THE FACT THAT THE ASSESSEE HAD AVAILABLE CASH AT RS.2,6 5,400/- AND PEAK MA , I SHWAR PATEL 2 CREDIT BALANCE OF RS.1,75,500/-. HE FURTHER PLEADED THAT THE TELESCOPIC BENEFIT MAY BE ALLOWED TO THE ASSESSEE. 3. ON THE OTHER HAND, LD. DEPARTMENTAL REPRESENTATI VE (DR) OPPOSED THE GRIEVANCE MADE BY THE LD. COUNSEL FOR THE ASSESSEE, SUBMITTING THAT ALL RELEVANT FACTS HAVE BEEN DULY CONSIDERED BY THE TRI BUNAL AND THE ORDER HAS BEEN FRAMED ACCORDINGLY. 4. WE HAVE HEARD RIVAL CONTENTIONS AND PERUSED THE RECORD PLACED BEFORE US. THE ASSESSEE THOUGH THIS MISC. APPLICATION IS T RYING TO POINT OUT THAT AN APPARENT MISTAKE HAS BEEN COMMITTED BY THE TRIBU NAL IN THE ORDER DATED 15.02.2018 THEREBY SUSTAINING ADDITION OF RS. 2,50,000/- WITHOUT GIVING TELESCOPIC BENEFIT TO THE PEAK CREDIT BALANC E OF RS.1,75,500/- AND AVAILABLE CASH BALANCE AT RS.2,25,400/- FOR A.Y. 19 98-99. WE, HOWEVER, ARE OF THE CONSIDERED VIEW THAT THE RELEVANT FACTS RELATING TO THE OPENING CASH IN HAND, INCOME EARNED BY THE ASSESSEE DURING THE YEAR AND THE PEAK CREDIT BALANCE WORKING PLACE ON RECORD, HAVE BEEN THOROUGHLY GONE THROUGH BY THE TRIBUNAL LOOKING TO THE FACT THAT TH E ASSESSEE WAS NOT FILING THE INCOME TAX RETURN, THAT THE ASSESSMENT P ROCEEDINGS WERE INITIATED BY ISSUING NOTICE U/S 148 OF THE ACT AND INCOMPLIANCE THERETO THE INCOME TAX RETURN WERE SUBMITTED. NO REGULAR BO OKS OF ACCOUNTS WERE MAINTAINED BY THE ASSESSEE. THE ALLEGED OPENING CAS H IN HAND, PEAK CREDIT WORKING AND OTHER DETAILS RELATING TO AVAILA BLE CASH WERE MERELY ON ESTIMATE BASIS. WE, THEREFORE, LOOKING TO THE RELEV ANT FACTS CONSCIOUSLY DECIDED TO SUSTAIN THE ADDITION AT RS.2,50,000/- FO R A.Y. 1998-99, AGAINST THE TOTAL ADDITION OF RS.6,62,400/- CONFIRM ED BY THE LD. CIT(A). THEREFORE, IN OUR VIEW THERE IS NO MERIT IN THE MIS C. APPLICATION FILED BY THE ASSESSEE AND THE SAME DESERVES TO BE DISMISSED AS THERE IS NO APPARENT MISTAKE IN THE ORDER OF THE TRIBUNAL DATED 15.2.2018. MA , I SHWAR PATEL 3 5. IN THE RESULT, THIS MISC. APPLICATION FILED BY T HE ASSESSEE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 20.11.2018 . SD/- (KUL BHARAT) SD/- (MANISH BORAD) JUDICIAL MEMBER ACCOUNTANT MEMBER INDORE; DATED : 20/ 11/2018 CTX? P.S/. . . COPY TO: ASSESSEE/AO/PR. CIT/ CIT (A)/ITAT (DR)/GUA RD FILE. BY ORDER ASSISTANT REGISTRAR, INDORE