Anshul Jain, Guwahati v. Assistant Commissioner of Income Tax, Circle-2, Guwahati

ITA 132/GTY/2020 | 2017-2018
Pronouncement Date: 17-03-2021 | Result: Partly Allowed

Appeal Details

RSA Number 13222314 RSA 2020
Assessee PAN ADYPJ7676E
Bench Guwahati
Appeal Number ITA 132/GTY/2020
Duration Of Justice 7 month(s) 12 day(s)
Appellant Anshul Jain, Guwahati
Respondent Assistant Commissioner of Income Tax, Circle-2, Guwahati
Appeal Type Income Tax Appeal
Pronouncement Date 17-03-2021
Appeal Filed By Assessee
Order Result Partly Allowed
Bench Allotted SMC
Tribunal Order Date 17-03-2021
Assessment Year 2017-2018
Appeal Filed On 04-08-2020
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL GUWAHATI E-COURT AT KOLKATA BEFORE SRI SANJAY GARG JUDICIAL MEMBER I.T.A. NO.132/GAU/2020 ASSESSMENT YEAR: 2017-18 ANSHUL JAIN..... ..APPELLANT C/O PADAM JAIN & CO. CHARTERED ACCOUNTANTS 3A RISHAV PLAZA 3 RD FLOOR A.K. AZAD ROAD REHABARI GUWAHATI-781008. [PAN: ADYPJ7676E] VS. ACIT CIRCLE-2 GUWAHATI.........RESPONDENT APPEARANCES BY: NONE APPEARED ON BEHALF OF THE APPELLANT. SHRI SUBHRAJYOTI BHATTACHARYA ADDL. CIT SR. DR APPEARED ON BEHALF OF THE RESPONDENT. DATE OF CONCLUDING THE HEARING : MARCH 17 2021 DATE OF PRONOUNCING THE ORDER : MARCH 17 2021 ORDER THE PRESENT APPEAL HAS BEEN PREFERRED BY THE ASSESSEE AGAINST THE ORDER DATED 25.05.2020 OF THE COMMISSIONER OF INCOME TAX (APPEALS) GUWAHATI [HEREINAFTER AS CIT(A)]. 2. THE SOLE ISSUE RAISED BY THE ASSESSEE IN THIS APPEAL IS RELATING TO CONFIRMATION OF ADDITION OF RS.10 00 000/- BY THE CIT(A) AS AGAINST THE ADDITIONS MADE BY THE ASSESSING OFFICER OF RS.12 75 000/- ON ACCOUNT OF CASH DEPOSITS IN THE BANK ACCOUNT OF THE ASSESSEE DURING DEMONETISATION PERIOD. 3. THE LD. COUNSEL FOR THE ASSESSEE HAS SUBMITTED THAT THE ASSESSEE HAS DULY FURNISHED EVIDENCES AND EXPLAINED THE SOURCE OF DEPOSITS IN THE BANK ACCOUNT OF THE ASSESSEE WHICH WERE OUT OF CASH-IN-HAND OF THE ASSESSEE AS WELL AS OUT OF THE WITHDRAWAL FROM THE BANK ACCOUNTS OF THE ASSESSEE; THAT THE ASSESSING OFFICER HAS NOT CONSIDERED THE DETAILS AND EVIDENCES FURNISHED BY THE ASSESSEE WHILE MAKING THE IMPUGNED ADDITIONS. THE LD. COUNSEL HAS FURTHER INVITED MY ATTENTION TO THE IMPUGNED 2 I.T.A. NO.132/GAU/2020 ANSHUL JAIN ASSESSMENT YEAR: 2017-18 ORDER OF THE CIT(A) TO SHOW THAT THE NECESSARY DETAILS WERE ALSO FURNISHED AND BROUGHT TO THE NOTICE OF THE LD. CIT(A). THE LD. CIT(A) HOWEVER DID NOT GIVE A DETAILED FINDING REGARDING EACH OF THE EVIDENCES/DETAILS SUBMITTED BY THE ASSESSEE RATHER HE GAVE RELIEF TO THE ASSESSEE ONLY OF RS.2 75 000/- IN RESPECT OF CASH-IN-HAND ON ESTIMATION BASIS. THE LD. COUNSEL FOR THE ASSESSEE THEREFORE HAS SUBMITTED THAT THE LOWER AUTHORITIES HAVE COMMITTED GRAVE ERROR IN ESTIMATING CASH-IN-HAND OF THE ASSESSEE WITHOUT GIVING A DETAILED AND REASONED FINDING REGARDING THE EXPLANATION GIVEN BY THE ASSESSEE RELATING TO THE CASH DEPOSITS IN THE BANK ACCOUNT OF THE ASSESSEE. 4. THE LD. DR THOUGH HAS RELIED UPON THE FINDINGS OF THE LOWER AUTHORITIES HOWEVER HAS BEEN FAIR ENOUGH TO ADMIT THAT A DETAILED AND REASONED FINDING IS MISSING REGARDING EACH OF CASH DEPOSITS ON THE EVIDENCES FURNISHED BY THE ASSESSEE. 5. CONSIDERING THE RIVAL CONTENTIONS IN MY VIEW THE INTEREST OF JUSTICE WILL BE WELL-SERVED IF THE ASSESSEE IS GIVEN AN OPPORTUNITY TO PRESENT HIS CASE BEFORE THE ASSESSING OFFICER AND TO EXPLAIN REGARDING THE SOURCE OF CASH DEPOSITS MADE IN THE BANK ACCOUNT AND THEREAFTER THE ASSESSING OFFICER TO PASS A SPEAKING AND REASONED ORDER REGARDING EACH OF THE EXPLANATIONS/EVIDENCES FURNISHED BY THE ASSESSEE. IT IS ORDERED ACCORDINGLY. 6. IN THE RESULT THE APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. KOLKATA THE 17 TH MARCH 2021. SD/- [ SANJAY GARG ] JUDICIAL MEMBER DATED : 17.03.2021 RS COPY OF THE ORDER FORWARDED TO: 1. ANSHUL JAIN 2. ACIT CIRCLE-2 GUWAHATI 3. CIT(A)- 3 I.T.A. NO.132/GAU/2020 ANSHUL JAIN ASSESSMENT YEAR: 2017-18 4. CIT- 5. CIT(DR) //TRUE COPY// BY ORDER SR. PS H.O/D.D.O I.T.A.T KOLKATA BENCHES KOLKATA .