CHARUSHEELA S SHINDE, MUMBAI V. WARD 34(1)(3), MUMBAI

MA 572/MUM/2023

• Counselvise Citation: [2024] 100 COUNSELVISE.COM (IT) 4048 (ITAT-MUMBAI)
• Duration Of Justice: 3 month(s) 22 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 30-01-2024
• Appeal Filed By: Assessee
• Order Result: PartlyAllowed
• Bench Allotted: SMC
• Next Hearing Date: 11-01-2024
• Assessment Year: 2014-2015
• Appeal Filed On: 08-10-2023
• Result in Favour of: Assessee
• Court: TRIBUNAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “SMC”, MUMBAI BEFORE SHRI KULDIP SINGH, HON'BLE JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER M.A. No. 572/Mum/2023 (Arising out of I.T.A. No. 2645/Mum/2022) (Assessment Year: 2014-15) Smt. Charusheela S. Shinde, C-32, Bane Compound, Arthur Road, Tardeo, Mumbai-400 034 बनाम/ Vs. ITO - 34(1)(3), 105, 1 st Floor, C-12, Bandra Kurla Complex (E), Mumbai-400 051 स्थायीलेखासं./जीआइआरसं./P A N N o . BHIPS5623K (अपीलाथी/Appellant) : (प्रत्यथी / Respondent) अपीलाथी की ओर से / Appellant by : Ms. Mona Makwana, Ld. AR प्रत्यथी की ओर से/Respondent by : Shri H. M. Bhatt, Ld. DR सुनवाई की तारीख / Date of Hearing : 12/01/2024 घोषणा की तारीख / Date of Pronouncem ent : 31/01/2024 आदेश / O R D E R Per S. Rifaur Rahman, Accountant Member: 1. The present Miscellaneous Application (MA) has been filed by the assessee for rectifying the order dated 20.04.2023 passed in ITA No. 2645/Mum/ 2022 and for dispose of the appeal on merits. M . A . N o . 5 7 2 / M u m / 2 0 2 3 Smt. Charusheela S. Shinde Page No.| 2 2. Before us, Ld. AR of the assessee has submitted his submissions and subsequently filed the written submission, which is reproduced below: - M . A . N o . 5 7 2 / M u m / 2 0 2 3 Smt. Charusheela S. Shinde Page No.| 3 M . A . N o . 5 7 2 / M u m / 2 0 2 3 Smt. Charusheela S. Shinde Page No.| 4 M . A . N o . 5 7 2 / M u m / 2 0 2 3 Smt. Charusheela S. Shinde Page No.| 5 3. On the other hand, Ld. DR submitted that there is no mistake apparent on record and Hon’ble Bench has considered the issue under consideration and already given the proper relief to the assessee. He has objected to the submissions made by the Ld. AR. 4. Considered the rival submissions and material placed on record, we observe that the issue under consideration is of term deposit made by the assessee during the current assessment year to the extent of Rs.38 lakhs. To the extent of Rs. 8 lakhs, we have already given our finding that the above said Rs. 8 lakhs was transferred from the assessee’s husband account based on the fact that the sale proceeds were received through bank. With regard to 30 lakhs, we observe from the various submissions made by the assessee that assessee has made term deposit of Rs. 38 lakhs during the current assessment year under consideration. The Assessing Officer has not made any addition based on the cash deposit as observed on the notice issued to the assessee in the assessment order based on the report of large cash deposits. During the assessment proceedings, Assessing Officer has observed that assessee has made a deposit of Rs.38 lakhs during the year and the M . A . N o . 5 7 2 / M u m / 2 0 2 3 Smt. Charusheela S. Shinde Page No.| 6 reasons given by the Assessing Officer that the above term deposit were created out of property sold by assessee’s husband even for the details submitted before the tax authorities in particular before the Ld. CIT(A), the above term deposits were made and the source for the same are the property sold by assessee’s husband. In our order, we have clearly highlighted that the assessee’s husband has received the sale consideration only through bank channel, therefore to the extent of banking transaction from assessee’s husband, we have already given relief to the assessee. 5. Now coming to the issue of Rs. 30 lakhs, it is brought to our notice that to the extent of deposits of Rs. 5 lakhs each on 18.10.2023, 20.10.2023, it is a debit balance in the assessee’s bank account and the above withdrawl is out of the Fixed Deposits Maturity. This issue is set aside to Assessing Officer for propper verification. 6. For the balance Rs. 20 lakhs i.e. cash deposit each of Rs. 5 lakhs on 24.06.2013, 11.06.2013 and 17.06.2013, the reasons given by the assessee before us that the above cash deposits were made from the M . A . N o . 5 7 2 / M u m / 2 0 2 3 Smt. Charusheela S. Shinde Page No.| 7 opening cash availability with assessee’s husband for which the assessee has asked bank statement since it is old transaction and it is difficult to get those details. We failed to understand how the outstanding cash balance in the hands of assessee’s husband can be extracted from the bank. It is the assessee or her husband has to explain the availability of cash in hand at the beginning of the year or before making the deposits. Assessee has not brought on record anything concrete till now. Therefore, the assessee has not brought on record any material before us too. 7. Further the cash deposits of Rs. 5 lakhs dated 17.06.2013, assessee has submitted that it is term deposit out of cash deposits in Abhyuday Bank, the same was already accounted in addition. We have not confirmed any addition during this year or any tax authority. This submission of the assessee cannot be accepted. Considering the overall facts on record, we are inclined to remit the issue of Fixed Deposit creation on 18.10.2023 and 20.10.203 which is out of proceeds credited from earlier Fixed Deposit maturity, to the file of Assessing Officer. The other issues raised by the assessee are without proper justification on M . A . N o . 5 7 2 / M u m / 2 0 2 3 Smt. Charusheela S. Shinde Page No.| 8 record. Therefore, the MA filed by the assessee is partly allowed with the direction to the Assessing Officer to verify the above transactions as per law. 8. In the net result, the Miscellaneous Application filed by the assessee allowed for statistical purpose. Order pronounced in the open court on 31.01.2024. Sd/- Sd/- (KULDIP SINGH) (S. RIFAUR RAHMAN) JUDICIAL MEMBER ACCOUNTANT MEMBER Mumbai / Dated 31.01.2024 Giridhar, Sr.PS Copy of the Order forwarded to: 1. The Appellant 2. The Respondent. 3. CIT 4. DR, ITAT, Mumbai 5. Guard file. //True Copy// BY ORDER (Asstt. Registrar) ITAT, Mumbai