ITO, Ward 1(1), Gwalior v. Shri Puneet Gupta, Gwalior

ITA 418/AGR/2009 | 2005-2006
Pronouncement Date: 25-02-2011 | Result: Dismissed

Appeal Details

RSA Number 41820314 RSA 2009
Assessee PAN AKSPG1356K
Bench Agra
Appeal Number ITA 418/AGR/2009
Duration Of Justice 1 year(s) 5 month(s)
Appellant ITO, Ward 1(1), Gwalior
Respondent Shri Puneet Gupta, Gwalior
Appeal Type Income Tax Appeal
Pronouncement Date 25-02-2011
Appeal Filed By Department
Order Result Dismissed
Bench Allotted DB
Tribunal Order Date 25-02-2011
Date Of Final Hearing 23-02-2011
Next Hearing Date 23-02-2011
Assessment Year 2005-2006
Appeal Filed On 24-09-2009
Judgment Text
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.418/AGR/2009 ASST. YEAR: 2005-06 INCOME TAX OFFICER VS. SHRI PUNEET GUPTA WARD 1(1) GWALIOR. F-303 TULSI VIHAR BEHIND SHRIRAM DHARAMSHALA CHITNIS KI GOTH LASHKAR GWALIOR. (PAN : AKSPG 1356 K). (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI A.K. SHARMA JR. D.R. RESPONDENT BY : APPLICATION REJECTED (NONE) ORDER PER P.K. BANSAL A.M. : THIS APPEAL HAS BEEN FIELD BY THE REVENUE AGAINST T HE ORDER OF THE CIT(A) DATED 29.06.2009. 2. THE BRIEF FACTS OF THE CASE ARE THAT THE ASSESSM ENT ORDER HAS BEEN PASSED UNDER SECTION 144 OF THE INCOME TAX ACT 1961 (THE ACT HEREINAF TER) BY MAKING AN ADDITION OF ` 18 00 000/- AS UNEXPLAINED INVESTMENT IN RESPECT OF DEPOSITS IN THE SAVINGS BANK ACCOUNT NO.54510010006866 WITH UNITED WESTERN BANK LIMITED LOHIYA BAZAR GWALIOR. THE ASSESSEE WENT IN APPEAL BEFORE THE CIT(A). THE CIT(A) AFTER GOING THROUGH THE COPY OF THE BANK ACCOUNT OF THE ASSESSEE NOTED THAT ALL THE DEPOSITS IN THE BANK ACCOUNT ARE COVERED BY THE WITHDRAWAL MADE IN THE EARLIER DATES AND THE TOTAL WITHDRAWAL DURING THE YEAR IN CASH WAS ` 23 28 000/- 2 WHILE THE TOTAL DEPOSITS IN CASH WAS ` 23 10 900/- AND ULTIMATELY HE DELETED THE ADDITION BY OBSERVING AS UNDER :- I HAVE GONE THROUGH THE WRITTEN SUBMISSION AND ASS ESSMENT ORDER AND FIND THAT THE ASSESSING OFFICER HAS MADE AN ADDITIO N OF ` 18 00 000/- AS UNEXPLAINED DEPOSIT IN SAVING BANK ACCOUNT NO.54510 010006866 WITH UNITED WESTERN BANK LIMITED GWALIOR. THE LD. A.R. OF THE APPELLANT VEHEMENTLY CONTESTED THAT THE ADDITION OF ` 18 00 000/- IS NOT JUSTIFIED BECAUSE THE APPELLANT HAD DEPOSITED MANY A TIMES OUT OF FUNDS WITHDRAWN F ROM THE BANK ITSELF. HE HAS SUBMITTED THE COPY OF BANK PASS BOOK IN WHICH HE WA S HAVING ` 10 27 912/- AS OPENING BALANCE. HE HAD WITHDRAWN CASH AMOUNTING T O ` 23 28 000/- IN AGGREGATE FROM BANK ON VARIOUS DATES. SIMILARLY H E HAD DEPOSITED CASH ` 23 10 900/- IN AGGREGATE ON VARIOUS DATES. APART F ROM THAT THERE ARE TWO DEPOSIT ENTRY OF ` 6 060/- AND ` 7 879/- TOTALING ` 13 939/- OF INTEREST ALLOWED BY THE BANK. THE APPELLANT HAD WITHDRAWN AND DEPOSITED TH E CASH ON VARIOUS DIFFERENT DATES. HE HAD WITHDRAWN SUBSTANTIAL AMOUNT OF CASH IN THE MONTH OF APRIL ITSELF AND DEPOSITED THEREAFTER. HE HAD DEPOSITED CASH ` 23 28 000/- ON VARIOUS DATES WHEREAS HE HAD WITHDRAWN ` 23 10 900/- ON VARIOUS DATES BUT PRIOR TO FURTHER DEPOSIT IN THE BANK ACCOUNT. THE OPENING BALANCE I N BANK ACCOUNT WAS ` 10 27 912/- AND CLOSING BALANCE ` 10 24 751/- INCLUDING INTEREST ` 13 939/-. IF THE INTEREST IS NOT CONSIDERED EVEN THEN THE CLOSING BA LANCE WOULD BE ` 10 10 812/- ( ` 10 24 751/- - ` 13 939/- ) I.E. LESS THAN THE OPENING BALANCE. HE FURTHER SUBMITTED THAT IF PEAK THEORY IS TO BE CONSIDERED EVEN THEN T HE ADDITION WOULD NOT BE SUSTAINABLE BECAUSE THE BALANCE THROUGH OUT THE YEA R WAS LESS THAN THE OPENING BALANCE. THEREFORE AFTER CONSIDERING ALL THESE I AM OF THE CONSIDERED OPINION THAT THERE WAS SUFFICIENT AMOUNT AVAILABLE WITH THE APPELLANT OUT OF AMOUNT WITHDRAWN ON EARLIER DATES TO DEPOSIT IN BANK ACCOU NT SUBSEQUENTLY AND ACCORDINGLY THE DEPOSIT OF ` 18 00 000/- IS VERY WELL EXPLAINED. IN VIEW OF AL L THESE THE ADDITION OF ` 18 00 000/- IS NOT SUSTAINABLE AND IS HEREBY DELET ED. 3. THE REVENUE BEING AGGRIEVED CAME IN APPEAL BEF ORE US. 4. NONE APPEARED ON BEHALF OF THE ASSESSEE. ADJOUR NMENT APPLICATION FILED WAS REJECTED AS THERE WAS NO PLAUSIBLE REASON. WE THEREFORE DECI DED TO DISPOSE OF THE APPEAL AFTER HEARING THE LD. D.R. 3 5. WE HAVE CAREFULLY CONSIDERED THE SUBMISSIONS MAD E BY THE LD. D.R. AND GONE THROUGH THE ORDER OF CIT(A). WE NOTED THAT THE CIT(A) HAS GIVE N THE CLEAR FINDING OF FACT THAT ALL THE CASH DEPOSITS IN THE BANK ACCOUNT BY THE ASSESSEE ARE DU LY COVERED BY THE WITHDRAWALS MADE OUT OF THE BANK ACCOUNT ON THE EARLIER DATES. IN VIEW OF THES E FACTS IN OUR OPINION NO INTERFERENCE IS CALLED FOR IN THE ORDER OF THE CIT(A). THE LD. D.R. COULD NOT PRODUCE ANY EVIDENCE CONTRARY TO THE FINDING GIVEN BY THE CIT(A). UNDER THESE FACTS WE CONFIRM THE ORDER OF THE CIT(A). 6. IN THE RESULT APPEAL FIELD BY THE REVENUE STAND S DISMISSED. (ORDER PRONOUNCED IN THE OPEN COURT ON 25.02.2011) . SD/- SD/- (H.S. SIDHU) (P.K. BANSAL) JUDICIAL MEMBER ACCOUNTANT MEMBER PLACE: AGRA DATE: 25 TH FEBRUARY 2011 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