Ankur Bagoria, Delhi V. ITO Ward- 29(2), New Delhi

MA 88/DEL/2021

• Counselvise Citation: [2021] 107 COUNSELVISE.COM (IT) 6987 (ITAT-DELHI)
• Duration Of Justice: 2 month(s) 21 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 19-08-2021
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2010-2011
• Appeal Filed On: 28-05-2021
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: M BARNWAL
• Assessee Lawyers: V RAJ KUMAR
• Keywords: Reassessment proceedings
• Section: 234B; 254(2); 131; 68

Judgement Text

1 M.A NO. 88/DEL/2021 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: A NEW DELHI BEFORE SH. G. S. PANNU, VICE PRESI DENT AND MS SUCHITRA KAMBLE, JUDI CIAL MEMBER MA NO. 8 8/DEL/2021 IN ( I.T.A. NO. 1847/DEL /2019 (A.Y 2010-11) (THROUGH VIDEO CONFERENCING) ANKUR BAGORIA 1411, MALIWARA, NAI SARAK, CHANDNI CHOWK, NEW DELHI ALVPB7382G (APPLICANT) VS ITO WARD-29(2) NEW DELHI (RESPONDENT) APPLICANT BY SH. K. SAMPATH, ADV & SH. V. RAJ KUMAR, ADV RESPONDENT BY SH. M. BARNWAL, SR. DR ORDER PER SUCHITRA KAMBLE, JM THIS MISCELLANEOUS APPLICATION U/S 254(2) OF THE IN COME-TAX ACT, 1961 IN RESPECT OF ORDER DATED 05.04.2021. 2. THE LD. AR SUBMITTED THAT IN PARA 7 THE TRIBUNAL IN LINE 3 CONSIDERS GROUND NO. 1 & 3 TO 6 FOR ADJUDICATION. HOWEVER WHI LE ADJUDICATING AND DELIVERING THE VERDICT THE TRIBUNAL NOTES IN THE 5 TH LINE FROM THE BOTTOM OF PARA 7 QUOTE 'GROUND NOS. 1, 3 AND 6' UNQUOTE ARE ALLOWE D. THE LD. AR SUBMITTED THAT INSTEAD OF THE WORD 'AND' IN THE QUOTE IT SHOU LD HAVE BEEN 'TO'. IT IS ONLY THEN THAT THE VERDICT AS DELIVERED WILL ACCORD WITH THE OBSERVATIONS AS CONTAINED IN LINE 3 PARA 7 AS CITED ABOVE. DATE OF HEARING 19.08.2021 DATE OF PRONOUNCEMENT 19.08.2021 2 M.A NO. 88/DEL/2021 3. THE LD. DR SIMPLY RELIED UPON THE ORDER OF THE T RIBUNAL. 4. WE HAVE HEARD BOTH THE PARTIES AND PERUSED ALL T HE RELEVANT MATERIAL AVAILABLE ON RECORD. THERE IS INADVERTENT MISTAKE I N THE PARA 7 THAT OF TYPOGRAPHICAL ERROR/MISTAKE. HENCE, THE PRESENT MIS C. APPLICATION IS ALLOWED AND WE MODIFY PARA NO. 7 AS FOLLOWS AND THE SAME SH OULD BE READ IN THE ORIGINAL ORDER DATED 05.04.2021 AS UNDER:- 7. WE HAVE HEARD BOTH THE PARTIES AND PERUSED THE MATERIAL AVAILABLE ON RECORD. AS RELATED TO GROUND NO. 2, THE SAME IS NO T PRESSED BY THE ASSESSEE, HENCE, THE SAME IS DISMISSED. AS RELATES TO GROUND NO. 1 & 3 TO 6, THE CURRENT REASSESSMENT PROCEEDINGS FOR THE YEAR OF IT S ORIGIN AND SOURCE TO THE REGULAR ASSESSMENT ORDER FOR ASSESSMENT YEAR 2011-1 2 ON WHICH BASIS THE PRESENT REASSESSMENT PROCEEDINGS WERE INITIATED, TH E TRIBUNAL IN ITA NO. 3191/DEL/2016 DATED 12/11/2020 FOR ASSESSMENT YEAR 2011-12 OBSERVED IN PARA 5.1 THAT THE FINDINGS OF THE ASSESSING OFFI CER RELATING TO ADDITIONS RECEIVED BY THE ASSESSEE FOR NEXT TRANSACTIONS FROM HIS INDIVIDUAL CUSTOMERS IS BEING IN THE NATURE OF CASH CREDITS U/S 68 OF TH E ACT ARE NOT CORRECT. IN THE PRESENT ASSESSMENT ORDER, THE ASSESSING OFFICER HAS EXAMINED CUSTOMERS OF THE ASSESSEE U/S 131 AND STATEMENTS WERE ALSO FILED . EACH ONE OF THEM HAS CONFIRMED THE MCX TRANSACTION AND THE CONFIRMATION ACCOUNT OF EACH INDIVIDUAL CUSTOMERS, TRANSACTION BY TRANSACTION WA S SUBMITTED BEFORE THE ASSESSING OFFICER. THUS, THE ASSESSEE HAS ESTABLIS HED THE THREE LIMBS OF GENUINENESS, CREDITWORTHINESS AND IDENTITY OF THE T RANSACTIONS AS CONTEMPLATED BY VARIOUS DECISIONS OF THE HIGH COURT AND SUPREME COURT ENVISAGED U/S 68 OF THE ACT. THE CIT(A) AND THE AS SESSING OFFICER BOTH HAVE TOTALLY IGNORED THESE FACTS AND THEREFORE, GROUND NOS. 1, 3 TO 6 ARE ALLOWED. AS RELATED TO GROUND NO. 7, THE SAME IS CONSEQUENTI AL; HENCE WE DIRECT THE ASSESSING OFFICER TO GIVE PROPER CONSEQUENTIAL BENE FIT REGARDING THE INTEREST 3 M.A NO. 88/DEL/2021 UNDER SECTION 234A AND 234B OF THE ACT AS PER THE P ROVISIONS OF LAW. THEREFORE, THE APPEAL OF THE ASSESSEE IS PARTLY ALL OWED. THUS, THE MISCELLANEOUS APPLICATION FILED BY THE AS SESSEE IS ALLOWED. 5. IN RESULT, MISC. APPLICATION FILED BY THE ASSESS EE IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT IN PRESENCE OF B OTH THE PARTIES ON THIS 19 TH DAY OF AUGUST, 2021 SD/- SD/- (G. S. PANNU) (SUCHITRA KAMBLE) VICE PRESIDENT JUD ICIAL MEMBER DATED: 19/08/2021 R. NAHEED COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(APPEALS) 5. DR: ITAT ASSISTANT REGISTRAR ITAT NEW DELHI 4 M.A NO. 88/DEL/2021