Om Sai Nath Construction, Ghaziabad v. ITO, Ghaziabad

ITA 3538/DEL/2015 | 2007-2008
Pronouncement Date: 31-07-2015 | Result: Allowed

Appeal Details

RSA Number 353820114 RSA 2015
Assessee PAN AABFO9873A
Bench Delhi
Appeal Number ITA 3538/DEL/2015
Duration Of Justice 1 month(s) 28 day(s)
Appellant Om Sai Nath Construction, Ghaziabad
Respondent ITO, Ghaziabad
Appeal Type Income Tax Appeal
Pronouncement Date 31-07-2015
Appeal Filed By Assessee
Order Result Allowed
Bench Allotted SMC 1
Tribunal Order Date 31-07-2015
Date Of Final Hearing 31-07-2015
Next Hearing Date 31-07-2015
Assessment Year 2007-2008
Appeal Filed On 02-06-2015
Judgment Text
IN TH E INCOME TAX APPELLATE TRIBUNAL DELHI BENCH : SMC - I : NEW DELHI BEFORE SHRI R.S. SYAL ACCOUNTANT MEMBER ITA NO . 3538 /DEL/20 15 ASSESSMENT YEAR : 200 7 - 08 OM SAI NATH CONSTRUCTION D - 68 SHYAM PARK EXTENTION GHAZIABAD PAN : AABFO 9873 A VS. ITO WARD - 2 ( 1 ) GHAZIABAD (APPELLANT ) (RESPONDENT) APPELLANT BY : NONE RESPONDENT BY: SHRI OM PRAKASH MEENA SR. DR DATE OF HEARING: 31.07.2015 DATE OF PRONOUNCEMENT: 31. 07.2015 ORDER TH IS APPEAL BY THE ASSESSEE ARISES OUT OF THE OR DER PASSED BY THE CIT(A) ON 1 5 .0 5 .20 1 5 IN RELATION TO THE AY 200 7 - 08. 2. FIRST GROUND IS AGAINST CONFIRMATION OF ADDITION RS.85 200/ - MADE BY THE ASSESSING OFFICER U/S 68 OF THE INCOME TAX ACT 1961 IN RESPECT OF AMOUNT OF LOAN RECEIVED FROM SHRI ANIL KUMAR. ITA NO. 3538 /DEL/20 15 2 3 . THE FACTS APROPOS THIS ISSUE ARE THAT THE ASSESSEE RECEIVED A SUM OF RS.2 85 200/ - FROM SHRI ANIL BANSAL . O N BEING CALLED UPON TO PROVE THE GENUINENESS OF THIS CREDIT THE ASSESSEE FURNISHED C ONFIRMATION OF LOAN C OPY OF INCOME TAX RETURN C OPY OF BALANCE SHEET AND C OPY OF BANK ACCOUNT OF SHRI ANIL KUMAR. CONSIDERING THE FACT THAT SHRI ANIL KUMAR HAD DEPOSITED ONLY RS.2 00 000/ - IN HIS BANK ACCOUNT BEFORE THE ISSUE OF CHEQUE TO THE ASSESSEE THE ASSESSING OFFICER MADE ADDITION FOR A SUM OF RS.85 200/ - . THE LD. CIT(A) CONFIRMED THE ADDITION. 4 . AFTER CONSIDERING THE RIVAL SUBMISSION S AND PERUSING RELEVANT MATERIAL ON RECORD I T IS NOTICED THAT SHRI ANIL KUMAR BANSAL IS REAL ELDER BROTHER OF THE ASSESSEE. NOT ONLY NECESSARY EVIDENCE WAS FURNISHED B EFORE THE ASSESSING OFFICER IN SUPPORT OF THE GENUINENESS OF THE CREDIT THE ASSESSING OFFICER ALSO RECORDED THE STATEMENT OF SHRI ANIL KUMAR BANSAL A COPY WHICH HAS BEEN MADE AVAILABLE AT PAGE 19 OF THE PAPER BOOK. IN SUCH STATEMENT HE CATEGORICALLY ADM ITTED TO HAVE ADVANCED A SUM OF RS. 2 85 200/ - OUT OF BANK ACCOUNT. HE EXPLAINED THE SOURCE OF THE AMOUNT AS WELL BY DISCLOSING NATURE OF TWO RECEIPT S OF RS.1 00 000/ - EACH WHICH WERE DEPOSITED IN THE BANK ACCOUNT PRIOR TO ISSUANCE OF CHEQUE IN FAVOUR OF TH E ASSESSEE. THE REMAINING AMOUNT OF RS.85 200/ - WAS EXPLAINED OUT OF THE ITA NO. 3538 /DEL/20 15 3 REGULAR BALANCE IN THE BANK ACCOUNT. THE AO HAS SIMPLY REFUSED TO ACCEPT THE EXISTING BALANCE IN HIS BANK ACCOUNT WHICH WAS THERE IN ADDITION TO SUCH TWO RECEIPTS OF RS.1.00 LAC EACH . IN VIEW OF THIS OVERWHELMING EVIDENCE FILED BY THE ASSESSEE TO SUBSTANTIATE THE GENUINENESS OF LOAN TRANSACTION FROM SHRI ANIL KUMAR BANSAL I AM OF THE CONSIDERED OPINION THAT THE ASSESSEE SUCCEEDED IN DISCHARGING THE BURDEN CAST UPON HIM IN TERMS OF S E CTION 68 OF THE ACT . AS SUCH THERE IS NO OCCASION FOR TREATING THIS AMOUNT AS UNEXPLAINED . T HIS ADDITION IS DIRECTED TO BE DELETED. 5 . GROUND N O.2 IS AGAINST THE CONFIRMATION OF ADDITION OF RS.4 00 000/ - U/S 68 OF THE ACT IN RESPECT OF LOAN RAISE D FROM S.C. BANSAL AND SMT. PUSHP L ATA BANSAL . T HE ASSESSEE FILED CONFIRMATION OF LOAN COPY OF BANK ACCOUNT COPY OF INCOME TAX RETURN AND COPY OF CAPITAL ACCOUNT AND BALANCE SHEET OF SMT. PUSH L ATA BANSAL IN SUPPORT OF GENUINENESS OF CREDIT. THE ASSESSING OFFIC ER DID NOT ACCEPT THE GENUINENESS AND HENCE MADE ADDITION U/S 68 OF THE ACT. THIS ADDITION CAME TO BE UPHELD IN THE FIRST APPEAL. 6 . AFTER CONSIDERING THE RIVAL SUBMISSION AND PERUSING THE RELEVANT MATERIAL ON RECORD I FIND THAT THE ASSESSING OFFICER REC ORDED STATEMENT OF SMT. PUSHP LATA BANSAL A COPY OF WHICH HAS BEEN PLACED ON PAGES 22 ONWARDS OF PAPER BOOK. IN THIS STATEMENT SMT. PUSHP LATA BANSAL ADMITTED ITA NO. 3538 /DEL/20 15 4 TO HAVE ADVANCED LOAN TO THE ASSESSEE. EVEN SOURCE OF DEPOSIT IN THE BANK ACCOUNT WAS INDICATED AS AMOUNT WITHDRAWN FROM HER HUSBAND S BANK ACCOUNT. HERE IT IS RELEVANT TO MENTION THAT SMT. PUSHP LATA BANSAL AND SHRI S.C. BANSAL ARE PARENTS OF THE ASSESSEE. NOT ONLY THE NECESSARY EVIDENCE ABOUT THE GENUINENESS OF THE LOAN TRANSACTION W AS PLACED BUT THE AO ALSO RECORDED THE STATEMENT OF SMT. PUSHP LATA BANSAL WHO DULY CONFIRMED THE FACT OF GIVING LOAN TO THE ASSESSEE BY ALSO DISCLOSING THE SOURCE OF THE AMOUNT. UNDER SUCH CIRCUMSTANCES IT IS CLEAR THAT ASSESSEE CAN BE SAID TO HAVE SUCCESSFULLY DISCH ARGED THE ONUS UPON HIM TO PROVE THE GENUINENESS OF THE TRANSACTION . THE VIEW OF THE LD. F IRST A PPELLATE A UTHORITY IS REVERSED AND THE ADDITION IS DELETED. 7 . THE ONLY OTHER GROUND WHICH SURVIVE S IN THIS APPEAL IS AGAINST THE CONFIRMATION OF ADDITION OF R S.4 00 000/ - REC EIVED BY THE ASSESSEE AS A LOAN FROM SHRI PRAVIN KUMAR GOEL . A PART FROM FILING COPY OF INCOME TAX RETURN COPY OF BANK STATEMENT AND PERMANENT ACCOUNT NUMBER OF SH. PRAVEEN KUMAR GOEL THE ASSESSEE ALSO PRODUCED HIM BEFORE THE ASSESSING OF FICER. HIS STATEMENT WAS RECORDED A COPY WHICH HAS BEEN PLACED AT PAGE 24 ONWARDS OF THE PAPER BOOK. NOT CONVINCE D WITH THE ASSESSEE S SUBMISSION S ITA NO. 3538 /DEL/20 15 5 THE ASSESSING OFFICER MADE ADDITION OF RS.4 00 000/ - WHICH CAME TO BE APPROVED IN THE FIRST APPEAL. 8 . AF TER CONSIDERING THE RIVAL SUBMISSIONS AND PERUSING THE RELEVANT MATERIAL ON RECORD I FIND THAT SH. PRAVEEN KUMAR GOEL ADDUCED NECESSARY EVIDENCE TO PROVE THE GENUINENESS OF AMOUNT WITH HIM WHICH WAS ADVANCED AS A LOAN TO THE ASSESSEE. HE ADMITTED TO HAV E GIVE N SUCH LOAN AND ALSO G AVE THE SOURCE OF THE AMOUNT TO SOME EXTENT. CONSIDERING THE TOTALITY OF THE FACTS AND CIRCUMSTANCES PREVAILING IN THIS CASE I AM SATISFIED THAT THE ADDITION U/S 68 OF THE ACT WAS WRONGLY CONFIRMED. I THEREFORE ORDER FOR THE DELETION OF ADDITION. 9 . IN THE RESULT APPEAL OF THE ASSESSEE IS ALLOWED. THE DECISION WAS PRONOUNCED IN THE OPEN COURT ON 31 ST JULY 201 5 . SD/ - (R.S. SYAL) ACCOUN TANT MEMBER DATED: 31 ST JULY 2015 AKS ITA NO. 3538 /DEL/20 15 6 COPY FORWARDED TO 1 . APPELLANT 2 . RESPONDENT 3 . CIT 4 . CIT(A) 5 . DR DY. REGISTRAR ITAT NEW DELHI *