ITO, Agra v. Smt. Ritu Gupta, Agra

IN THE INCOME TAX APPELLATE TRIBUNAL AGRA BENCH AGRA BEFORE SHRI P.K. BANSAL ACCOUNTANT MEMBER AND SHRI H.S. SIDHU JUDICIAL MEMBER ITA NO.268/AGR/2009 ASST. YEAR: 2006-07 INCOME TAX OFFICER-1(3) VS. SMT. RITU GUPTA AGRA. 120 NORTH VIJAY NAGAR COLONY AGRA. (PAN : ACCPG 5451 H) (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI VINOD KUMAR JR. D.R. RESPONDENT BY : SHRI TUSAR BANSAL C.A. ORDER PER P.K. BANSAL A.M.: THIS APPEAL HAS BEEN FILED BY THE REVENUE AGAINST T HE ORDER OF THE CIT(A) DATED 16.03.2009. 2. THE ONLY ISSUE INVOLVED IN THIS APPEAL RELATES T O THE DELETION OF ADDITION OF ` 40 00 000/- BY THE CIT(A) ADDED BY THE ASSESSING OFFICER ON ACC OUNT OF UNEXPLAINED INVESTMENT FROM UNDISCLOSED SOURCES. 3. THE FACTS OF THE CASE ARE THAT THE ASSESSING OFF ICER ASKED THE ASSESSEE TO EXPLAIN THE SOURCE OF INVESTMENT OF ` 40 00 000/- ( ` 20 LACS FOR PURCHASE OF RBI BONDS AND ` 20 LACS WITH ICICI BANK) AS PER INFORMATION RECEIVED VIDE AIR. THE ASSESSEE IN REPLY SUBMITTED THAT SHE HAS INVESTED ONLY ` 20 00 000/- IN RBI BONDS ON 31.03.2006 THROUGH ICI CI BANK. THE ASSESSING 2 OFFICER SENT THE SAID LETTER TO THE RBI FOR VERIFIC ATION. THE RBI INFORMED THAT RBI HAS STOPPED ISSUING RELIEF/SAVINGS BONDS DIRECTLY TO THE INDIVI DUALS FROM JULY 2004. THESE ARE BEING ISSUED ONLY THROUGH THE AGENCY BANKS I.E. NATIONALISED BAN KS AND NEW PRIVATE SECTOR BANKS. THE ASSESSING OFFICER STILL ADDED SUM OF ` 40 00 000/- AND EVEN DID NOT AGREE WITH THE EXPLANA TION OF THE ASSESSEE THAT THE ASSESSEE HAS ISSUED CHEQUE FROM HER ACCOUNT IN FIRM M/S. PANKAJ INTERNATIONAL FOR SUM OF ` 20 00 000/- OUT OF THE CANARA BANK WHICH WAS ENCAS HED ON 02.02.2006. WHEN THE MATTER WENT BEFORE THE CIT(A) SHE REITERATED THE SUBMISSIONS MADE BEFORE THE ASSESSING OFFICER. THE CIT(A) GAVE THE FINDING OF FACT THAT THE ASSESSEE HAS ONLY PURCHASED THE RBI BONDS OF ` 20 00 000/- THROUGH ICICI BANK. THE ASSESSEE HAS DULY EXPLAINED THE SOURCE OF ` 20 00 000/- MADE OUT OF M/S PANKAJ INTERNATIONAL C OPY OF WHOSE BANK ACCOUNT WAS FILED BY THE ASSESSEE. 4. WE HAVE HEARD THE RIVAL SUBMISSIONS AND CAREFULL Y CONSIDERED THE SAME. NO COGENT MATERIAL OR EVIDENCE WAS BROUGHT ON RECORD BY THE L D. D.R. WHICH MAY PROVE THAT THE FINDING GIVEN BY THE CIT(A) IS NOT CORRECT. WE THEREFORE CONFIRM THE ORDER OF THE CIT(A). 5. IN THE RESULT APPEAL FIELD BY THE REVENUE STAND S DISMISSED. (ORDER PRONOUNCED IN THE OPEN COURT ON 11.02.2011). SD/- SD/- (H.S. SIDHU) (P.K. BANSAL) JUDICIAL MEMBER ACCOUNTANT MEMBER PLACE: AGRA DATE: 11 TH FEBRUARY 2011 3 PBN/* COPY OF THE ORDER FORWARDED TO: 1. APPELLANT 2. RESPONDENT BY ORDER 3. CIT CONCERNED 4. CIT (APPEALS) CONCERNED 5. DR ITAT AGRA BENCH AGRA 6. GUARD FILE ASSIST ANT REGISTRAR INCOME-TAX APPELLATE TRIBUNAL AGRA TRUE COPY