RAGHUPATHY SRIVATSA RAVIKUMAR ,CHENNAI V. ITO , NON CORPORATE WARD -1 (3), CHENNAI

MA 164/CHNY/2023

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The case involves Shri Raghupathy Srivatsa Ravikumar, the appellant, who deposited Rs. 44 Lacs in Specified Bank Notes during the demonetization period, claimed to be on-money from the sale of a property. The Income Tax Officer (ITO) added this amount under Section 69 read with Section 115BBE of the Income Tax Act, as the source of the cash deposits was not satisfactorily explained. The appellant's request for a recall of the Tribunal's earlier decision was based on the argument that the Tribunal ignored surrounding circumstances and the provisions of Sections 50C & 55(2)(b). However, the Tribunal found no grounds to interfere with the original order as there was no mistake apparent from the record.

• Counselvise Citation: [2024] 140 COUNSELVISE.COM (IT) 472360 (ITAT-CHENNAI)
• Duration Of Justice: 10 month(s) 19 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 18-10-2024
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 18-10-2024
• Assessment Year: 2017-2018
• Appeal Filed On: 29-11-2023
• Laws Referred To: Income Tax Act
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: R. ANITA LD
• Assessee Lawyers: J.PRABHAKAR LD
• Keywords: Sale consideration of property below Jantri Value
• Section: 254(2); 69

Judgement Text

" आयकर अपीलीय अिधकरण “सी (एस. एम. सी)” \u0015ा यपीठ चे\u001aई म\u001c। IN THE INCOME TAX APPELLATE TRIBUNAL “C (SMC)” BENCH, CHENNAI मा ननीय \u001fी मनोज क ुमा र अ#वा ल ,लेखा सद( क े सम)। BEFORE HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM M.A. No.164/Chny/2023 [In ITA No.991/Chny/2022] (िनधा *रण वष* / Assessment Year: 2017-18) Shri Raghupathy Srivatsa Ravikumar New No.5, Luz Avenue, Mylapore, Chennai-600 004. बना म/ Vs. ITO Non-Corporate Ward-1(3) Chennai. \u0001थायीलेखासं./जीआइआरसं./PAN/GIR No. AIZPR-6860-L (अपीलाथ\u001c/Appellant) : (\u001f थ\u001c / Respondent) अपीलाथ\u001cकीओरसे/ Appellant by : Shri J. Prabhakar (FCA) - Ld.AR \u001f थ\u001cकीओरसे/Respondent by : Shri R. Anita (Addl. CIT) - Ld. DR सुनवाईकीतारीख/Date of Hearing : 18-10-2024 घोषणाकीतारीख /Date of Pronouncement : 18-10-2024 आदेश / O R D E R 1. By way of this miscellaneous application, the assessee seeks my indulgence in Tribunal order passed in captioned appeal on 11-08-2023. 2. From the order, it emerges that the assessee deposited cash of Rs.44 Lacs in Specified Bank Notes (SBNs) during demonetization period which was stated to be on-money on sale of a property. The buyer did not confirm the payment of the same and accordingly, Ld. AO added the same u/s 69 r.w.s. 115BBE. The Ld. SMC Bench held that the assessee could not satisfactorily explain the source of cash deposits and upheld the stand of revenue. 3. In the application, it has been stated that Tribunal has ignored the surrounding circumstances and confirmed the addition only on the 2 ground of lack of evidence. The provisions of Sec.69 uses the expression ‘may’ and unless there is evidence in the possession of Ld. AO contradicting the explanation of the assessee, the stand of assessee was to be accepted. The Ld. AR also stated that Tribunal has not considered the grounds relating to applicability of Sec.50C & Sec. 55(2)(b). Therefore, a prayer has been made to recall the order in toto and decided the appeal denovo. The Ld. Sr. DR, on the other hand, submitted that the application merely seeks review of the order which is impermissible. 4. I find that the primary argument of the assessee that the on-money was part of sale consideration has not been accepted by the SMC Bench. The same has been arrived at after due consideration of material facts as well as cited case laws. In such a case, the grounds relating to applicability of Sec.50C & Sec. 55(2)(b) would have no consequence. In my opinion, the application merely seeks review of the order which is impermissible. I do not find any reason to interfere in the order in terms of Sec. 254(2) which mandates any interference only in a case when there is any mistake apparent from record. The same is not the case here. 5. The application stand dismissed. Order pronounced on 18th October, 2024. Sd/- (MANOJ KUMAR AGGARWAL) लेखा सद3 / ACCOUNTANT MEMBER चे5ई Chennai; िदनांक Dated : 18-10-2024 DS 3 आदेश की Bितिलिप अ#ेिषत/Copy of the Order forwarded to : 1. अपीलाथ\u001c/Appellant 2. \u001f थ\u001c/Respondent 3. आयकर आयु=/CIT Chennai. 4. िवभागीय \u001fितिनिध/DR 5. गाडB फाईल/GF "