Sri V Kesava Rao., Ichapuram v. The DCIT, Central Circle-1., Visakhapatnam

ITA 238/VIZ/2006 | 2002-2003
Pronouncement Date: 09-09-2010 | Result: Partly Allowed

Appeal Details

RSA Number 23825314 RSA 2006
Assessee PAN AAQPV7455A
Bench Visakhapatnam
Appeal Number ITA 238/VIZ/2006
Duration Of Justice 4 year(s) 3 month(s) 15 day(s)
Appellant Sri V Kesava Rao., Ichapuram
Respondent The DCIT, Central Circle-1., Visakhapatnam
Appeal Type Income Tax Appeal
Pronouncement Date 09-09-2010
Appeal Filed By Assessee
Order Result Partly Allowed
Bench Allotted Not Allotted
Tribunal Order Date 09-09-2010
Assessment Year 2002-2003
Appeal Filed On 24-05-2006
Judgment Text
ITA NO 238 OF 2006 V KESAVA RAO ICHAPURAM PAGE 1 OF 3 IN THE INCOME TAX APPELLATE TRIBUNAL VISAKHAPATNAM BENCH VISAKHAPATNAM BEFORE: SHRI SUNIL KUMAR YADAV JUDICIAL MEMBER AND SHRI BR BASKARAN ACCOUNTANT MEMBER ITA NO.238/VIZAG/2006 ASSESSMENT YEAR: 2002 - 03 V. KESAVA RAO ICHAPURAM VS. DY.COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1 VISAKHAPATNAM (APPELLANT) PAN NO: AAQPV 7455A (RESPONDENT) APPELLANT BY: SHRI Y.A. RAO CA RESPONDENT BY: SHRI SUBRATA SARKAR CIT(DR) ORDER PER SHRI B. R. BASKARAN ACCOUNTANT MEMBER: THE APPEAL OF THE ASSESSEE IS DIRECTED AGAINST THE ORDER DATED 24-3- 2006 PASSED BY LD. CIT(A)-I VISAKHAPATNAM AND IT RE LATES TO THE ASSESSMENT YEAR 2002-03. 2. ALL THE GROUNDS RAISED BY THE ASSESSEE RELATE TO A SINGLE ISSUE VIZ. THE DETERMINATION OF THE AMOUNT OF INTEREST INCOME FROM BANK DEPOSITS. 3. THE FACTS RELATING TO THE ISSUE ARE STATED IN BR IEF. THE ASSESSEE ALONG WITH HIS FATHER HAD MADE SUBSTANTIAL FIXED DEPOSITS WITH ANDHRA BANK ICHAPURAM BRANCH. THE ASSESSEE HAD CLOSED THE SAID FIXED DEPOSITS PREMATURELY AND IN VIEW OF THAT THE BANK HAD ADJUST ED EXCESS INTEREST PAID TO THE ASSESSEE. SINCE THE ASSESSEE COULD NOT GET PROPER DETAILS FROM THE BANK THE ASSESSEE ADMITTED A NET INTEREST INCOME O F RS. 1 04 141/- AS INTEREST RECEIVED FROM THE BANK IN HIS RETURN OF IN COME. HE ALSO APPENDED A NOTE STATING THAT THE CORRECT PARTICULARS OF INTE REST WILL BE SUBMITTED LATER. THE ASSESSING OFFICER NOTICED THAT THE ASSESSEE HAD REDUCED A SUM OF RS.83 055/- FROM THE INTEREST INCOME TOWARDS THE RE DUCTION OF INTEREST ON ACCOUNT OF PREMATURE WITHDRAWAL OF FIXED DEPOSITS. BEFORE THE ASSESSING ITA NO 238 OF 2006 V KESAVA RAO ICHAPURAM PAGE 2 OF 3 OFFICER AS WELL AS LEARNED CIT(A) THE ASSESSEE COU LD NOT FILE ANY EVIDENCE IN SUPPORT OF THE ABOVE SAID CLAIM. SINCE THE ASSE SSEE COULD NOT FURNISH ANY PROOF WITH REGARD TO THE SAID CLAIM THE ASSESS ING OFFICER DISALLOWED THE SAME. THE LEARNED CIT (A) ALSO CONFIRMED THE SAID A DDITION. 4. BEFORE US THE ASSESSEE HAS MOVED AN APPLICATION FOR ADMISSION OF ADDITIONAL EVIDENCES AS PER RULE 29/30 OF THE INCOM E TAX APPELLATE TRIBUNAL RULES. THE SAID ADDITIONAL EVIDENCE CONSIS TS OF A LETTER DATED 11- 03-2010 BEARING LR. NO.230/10/285 ISSUED BY THE MAN AGER OF ANDHRA BANK ICHAPURAM BRANCH TO THE ASSESSEE ENCLOSING THE DETAI LED WORKINGS RELATED TO THE FIXED DEPOSITS VIA. FIXED DEPOSIT NUMBERS AMOUNT INTEREST ACCRUED THEREON EXCESS INTEREST RECOVERED BY BANK ETC. TH E LEARNED AUTHORISED REPRESENTATIVE PLEADED FOR ADMISSION OF THE SAID AD DITIONAL EVIDENCES AND REQUESTED THAT THE ISSUE MAY BE SET ASIDE TO THE FI LE OF THE ASSESSING OFFICER FOR FRESH CONSIDERATION BY TAKING INTO ACCOUNT THE ADDITIONAL EVIDENCES FILED BEFORE THE TRIBUNAL. THE LEARNED DEPARTMENTAL REPRE SENTATIVE DID NOT OBJECT TO THE SAID PLEA OF THE LEARNED AUTHORISED R EPRESENTATIVE. ACCORDINGLY WE SET ASIDE THE MATTER TO THE FILE OF THE ASSESSING OFFICER WITH A DIRECTION TO DISPOSE OF THE ISSUE AFRESH IN ACCOR DANCE WITH THE LAW BY DULY TAKING INTO ACCOUNT THE CERTIFICATE OBTAINED FROM T HE ANDHRA BANK WHICH IS REFERRED SUPRA. NEEDLESS TO MENTION THE ASSESSEE S HOULD BE GIVEN PROPER OPPORTUNITY OF BEING HEARD. 5. IN THE RESULT THE APPEAL OF THE ASSESSEE IS TREA TED AS ALLOWED FOR STATISTICAL PURPOSES. PRONOUNCED IN THE OPEN COURT ON 9 TH SEPTEMBER 2010. SD/- SD/- (SUNIL KUMAR YADAV) (B R BASKARAN ) JUDICIAL MEMBER ACCOUNTANT MEMBER PVV/SPS VISAKHAPATNAM DATE:09-09-2010 ITA NO 238 OF 2006 V KESAVA RAO ICHAPURAM PAGE 3 OF 3 COPY TO 1 V. KESAVA RAO ICHAPURAM C/O ROWE & PAL C.A. 14-3 6-1 KRISHNA NAGAR VISAKHAPATNAM 02 2 THE DY.COMMISSIONER OF INCOME TAX CENTRAL CIRCLE- 1 VISAKHAPATNAM 3 4. 5 THE CIT VISAKHAPATNAM THE CIT(A)-I VISAKHAPATNAM THE COMMISSIONER OF INCOME TAX(CENTRAL) 3 RD FLOOR NSF BUILDING SHAKKAR BHAVAN OPP: LB STADIUM BASHEERBAGH HYDER ABAD 500004 6 THE DR ITAT VISAKHAPATNAM. 7 GUARD FILE. BY ORDER SENIOR PRIVATE SECRETARY INCOME TAX APPELLATE TRIBUNAL VISAKHAPATNAM